N-CSR

N-CSR 1 d236702dncsr.htm N-CSR N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-01540

AIM Funds Group (Invesco Funds Group)

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman 11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 12/31

Date of reporting period: 12/31/2023

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

LOGO



Annual Report to Shareholders		December 31, 2023

Invesco EQV European Small Company Fund

Nasdaq:

A: ESMAX ∎ C: ESMCX ∎ Y: ESMYX ∎ R6: ESMSX



2		Management’s Discussion
2		Performance Summary
3		Long-Term Fund Performance
5		Supplemental Information
7		Schedule of Investments
9		Financial Statements
12		Financial Highlights
13		Notes to Financial Statements
20		Report of Independent Registered Public Accounting Firm
21		Fund Expenses
22		Tax Information
T-1		Trustees and Officers

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and delivery of shareholder reports. These newly designed shareholder reports will highlight key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Other information, including financial statements, will no longer be included in the shareholder report but will be available at invesco.com/reports, delivered upon request, and filed on a semi-annual basis on Form N-CSR.

If you would like to receive shareholder reports and other communications electronically instead of by mail, you may make that request by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery. If you do not make this request or enroll in e-delivery, you will receive future shareholder reports and other communications by mail.

Management’s Discussion of Fund Performance

Performance summary

For the year ended December 31, 2023, Class A shares of Invesco EQV European Small Company Fund (the Fund) underperformed the MSCI Europe Small Cap Index, the Fund’s broad market/style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/22 to 12/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.


Class A Shares	14.29	%
Class C Shares	13.48
Class Y Shares	14.59
Class R6 Shares	14.70
MSCI Europe Small Cap Index^q (Broad Market/Style-Specific Index)	16.69
Source(s): ^qRIMES Technologies Corp.

Market conditions and your Fund

For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS take-over of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023.

The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed global equities underperformed emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate sector, but positive performance in several countries including Turkey offset those results.

In a reversal from the third quarter, global equities rebounded strongly in the fourth quarter. Previous concerns about interest rates staying “higher for longer” abated, and investors focused on possible interest rate cuts during 2024. In this environment, most major asset classes and sectors performed well, with US stocks outperforming international stocks and growth stocks outperforming value stocks. The energy sector was an exception, ending the quarter in negative territory, hampered by falling oil prices. Developed global equities outperformed emerging market equities. .

Both developed and emerging market equities finished the fiscal year ended

December 31, 2023, in positive territory, with developed market equities outperforming emerging market equities.

The Invesco EQV European Small Company Fund underperformed the MSCI Europe Small Cap Index (the “benchmark index”) for the fiscal year ended December 31, 2023.

Stock selection in the information technology (IT) sector was the largest detractor from relative performance. Within IT, Israeli payment software company Hilan was a notable relative detractor during the fiscal year. The Fund’s holdings in the consumer staples sector underperformed those of the benchmark index, detracting from the Fund’s relative return. Irish agronomy company Origin Enterprises was a notable relative detractor in the consumer staples sector. Origin has been facing headwinds as soft commodities have softened after a previous big jump post the Ukraine invasion. Stock selection in consumer discretionary also detracted from the Fund’s relative return. Geographically, stock selection in Ireland and Italy, as well as an underweight in Italy, were among the largest relative detractors. In a rising equity market environment, the Fund’s cash position hampered relative return. It is important to note that cash is a residual of our bottom-up investment process and is not the result of any top-down tactical asset allocation or a risk-management allocation decision.

Conversely, stock selection in financials sector was the largest contributor to the Fund’s relative performance during the fiscal year. Within financials, Georgia-based TBC Bank was a notable relative contributor. The stock performed well during the fiscal year due to robust loan growth and earnings. Stock selection in industrials also added to the Fund’s relative results, with British business services company DCC being a key contributor. Fund holdings in health care outperformed those of the MSCI Europe Small Cap Index, contributing to relative return. An underweight in health care was also beneficial. Geographically, stock selection in Switzerland and the UK were among the largest

contributors to relative performance. Exposure in Poland and Georgia (non-benchmark countries) added to relative results.

During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our evaluation of the EQV characteristics for each company. We added several new holdings, including German healthcare software provider Compu-Group Medical, Swedish online gambling operator Kindred Group and British automated photobooths, laundry machines, and other vending machines provider ME Group International. We sold several holdings during the fiscal year, including French business-to-business ecommerce company Manutan International, Danish kitchen and bathroom furnishings retailer TCM Group and Israeli IT company Mind CTI.

As always, we’ve remained focused on a bottom-up investment approach of identifying attractive companies that fit our EQV-focused investment process. Our EQV investment approach focuses on Earnings, demonstrated by sustainable earnings growth; Quality, demonstrated by efficient capital allocation; and Valuation, demonstrated by attractive prices. Our balanced EQV-focused approach aligns with our goal of delivering attractive risk-adjusted returns over the long term.

We thank you for your continued investment in Invesco EQV European Small Company Fund.

Portfolio manager(s):

Borge Endresen - Lead

Minkun Zhang

The views and opinions expressed in management’s discussion of Fund performance are those of Invesco Advisers, Inc. and its affiliates. These views and opinions are subject to change at any time based on factors such as market and economic conditions. These views and opinions may not be relied upon as investment advice or recommendations, or as an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but Invesco Advisers, Inc. makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco EQV European Small Company Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/13

LOGO

1 Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco EQV European Small Company Fund


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (8/31/00)	9.49	%
10 Years	5.26
5 Years	7.26
1 Year	7.98

Class C Shares
Inception (8/31/00)	9.49	%
10 Years	5.22
5 Years	7.68
1 Year	12.48

Class Y Shares
Inception (10/3/08)	9.10	%
10 Years	6.12
5 Years	8.76
1 Year	14.59

Class R6 Shares
10 Years	6.10	%
5 Years	8.86
1 Year	14.70

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/ performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.


4		Invesco EQV European Small Company Fund

Supplemental Information

Invesco EQV European Small Company Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI Europe Small Cap Index is an unmanaged index considered representative of small-cap European stocks. The index is computed using the net return, which withholds applicable taxes for nonresident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE


5		Invesco EQV European Small Company Fund

Fund Information

Portfolio Composition


By sector		% of total net assets

Industrials		37.32%

Information Technology		16.50

Financials		15.41

Consumer Discretionary		9.79

Consumer Staples		5.41

Communication Services		4.16

Energy		3.18

Other Sectors, Each Less than 2% of Net Assets		3.86
Money Market Funds Plus Other Assets Less Liabilities		4.37

Top 10 Equity Holdings*


		% of total net assets
1.	Neurones	4.81%
2.	Diploma PLC	4.70
3.	Renew Holdings PLC	4.58
4.	Clarkson PLC	3.58
5.	DCC PLC	3.53
6.	IG Group Holdings PLC	3.06
7.	Kaufman & Broad S.A.	3.04
8.	Infotel S.A.	2.99
9.	TBC Bank Group PLC	2.86
10.	Warsaw Stock Exchange	2.75

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

* Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.


6		Invesco EQV European Small Company Fund

Schedule of Investments

December 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–95.63%
Finland–1.43%
Enento Group OYJ^(a)		123,300	$	2,650,794



France–21.21%
Exail Technologies S.A.^(b)(c)		150,587		3,214,574


Gerard Perrier Industrie S.A.		44,160		4,865,999


HEXAOM S.A.^(b)		82,696		1,780,318


Infotel S.A.		94,803		5,545,798


Kaufman & Broad S.A.		168,981		5,627,535


Linedata Services		40,177		2,464,876


Neurones		184,507		8,920,696


SES-imagotag S.A.^(b)		23,800		3,574,808


Totalenergies EP Gabon		19,324		3,348,070


				39,342,674



Georgia–2.86%
TBC Bank Group PLC		147,266		5,309,808



Germany–5.35%
CompuGroup Medical SE & Co. KGaA		78,649		3,291,974


CTS Eventim AG & Co. KGaA		42,397		2,932,400


flatexDEGIRO AG^(b)		300,740		3,701,304


				9,925,678



Greece–2.09%
Karelia Tobacco Co., Inc. S.A.		10,265		3,871,894



Ireland–1.70%
Origin Enterprises PLC		828,855		3,151,244



Israel–2.24%
Hilan Ltd.		78,956		4,154,448



Italy–5.40%
Gruppo MutuiOnline S.p.A.		85,783		3,026,931


MARR S.p.A.		236,352		2,999,430


Technogym S.p.A.^(a)(c)		397,739		3,985,236


				10,011,597



Netherlands–1.37%
SBM Offshore N.V.		185,296		2,545,700



Norway–1.34%
Bouvet ASA		414,124		2,482,765



Poland–6.74%
Mo-BRUK S.A.		37,144		3,124,224


Text S.A.		146,000		4,296,607


Warsaw Stock Exchange		471,420		5,092,668


				12,513,499



Portugal–0.67%
Conduril - Engenharia S.A.		51,453		1,249,634



Romania–0.62%
Fondul Proprietatea S.A.		9,933,385		1,153,422



Sweden–3.09%
Kindred Group PLC, SDR		360,330		3,334,489


	Shares		Value


Sweden–(continued)
Proact IT Group AB		256,453	$	2,390,672


				5,725,161



Switzerland–4.61%
Carlo Gavazzi Holding AG, BR		9,525		3,624,049


Kardex Holding AG		19,018		4,934,426


				8,558,475



United Kingdom–32.96%
4imprint Group PLC		43,626		2,537,563


City of London Investment Group PLC		518,186		2,094,545


Clarkson PLC		164,808		6,642,101


DCC PLC		89,027		6,550,697


Diploma PLC		190,927		8,719,963


FDM Group Holdings PLC		155,000		903,346


Gamma Communications PLC		157,000		2,245,422


Hays PLC		1,455,000		2,024,877


IG Group Holdings PLC		582,364		5,676,015


ME Group International PLC		2,161,089		3,439,134


Mortgage Advice Bureau Holdings Ltd.		353,571		3,694,225


Renew Holdings PLC		774,343		8,491,926


Savills PLC		220,504		2,721,021


Serco Group PLC		1,695,918		3,494,324


XP Power Ltd.		110,931		1,912,104


				61,147,263



United States–1.95%
Signify N.V.		107,774		3,614,334


Total Common Stocks & Other Equity Interests (Cost $132,463,560)				177,408,390



Money Market Funds–4.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e)		2,401,117		2,401,117


Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(d)(e)		2,351,333		2,352,979


Invesco Treasury Portfolio, Institutional Class, 5.26%^(d)(e)		2,744,133		2,744,133


Total Money Market Funds (Cost $7,497,223)				7,498,229


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.67% (Cost $139,960,783)				184,906,619



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.44%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		228,000		228,000


Invesco Private Prime Fund, 5.55%^(d)(e)(f)		585,860		586,270


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $814,056)				814,270


TOTAL INVESTMENTS IN SECURITIES–100.11% (Cost $140,774,839)				185,720,889


OTHER ASSETS LESS LIABILITIES–(0.11)%				(195,876	)


NET ASSETS–100.00%			$	185,525,013

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco EQV European Small Company Fund

Investment Abbreviations:

BR – Bearer Shares

SDR – Swedish Depository Receipt

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2023 was $6,636,030, which represented 3.58% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2023.

^(d)

Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2023.


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value December 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$2,641,820		$23,137,488		$ (23,378,191	)		$ -		$ -		$ 2,401,117		$258,238
Invesco Liquid Assets Portfolio, Institutional Class		2,524,753		16,526,776		(16,698,708	)		(532)		690		2,352,979		211,413
Invesco Treasury Portfolio, Institutional Class		3,019,224		26,442,841		(26,717,932	)		-		-		2,744,133		279,542
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		2,648,173		(2,420,173	)		-		-		228,000		5,997*
Invesco Private Prime Fund		-		6,686,773		(6,100,607	)		214		(110)		586,270		15,946*
Total		$8,185,797		$75,442,051		$(75,315,611	)		$(318)		$580		$8,312,499		$771,136

Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco EQV European Small Company Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $132,463,560)*	$	177,408,390


Investments in affiliated money market funds, at value (Cost $8,311,279)		8,312,499


Foreign currencies, at value (Cost $84,423)		82,286


Receivable for:
Investments sold		182,179


Fund shares sold		146,833


Dividends		329,480


Investment for trustee deferred compensation and retirement plans		53,847


Other assets		285,606


Total assets		186,801,120



Liabilities:
Payable for:
Fund shares reacquired		263,083


Collateral upon return of securities loaned		814,056


Accrued fees to affiliates		78,121


Accrued other operating expenses		61,541


Trustee deferred compensation and retirement plans		59,306


Total liabilities		1,276,107


Net assets applicable to shares outstanding	$	185,525,013



Net assets consist of:
Shares of beneficial interest	$	144,991,354


Distributable earnings		40,533,659


	$	185,525,013


Net Assets:
Class A	$	95,565,904


Class C	$	1,726,170


Class Y	$	80,152,510


Class R6	$	8,080,429



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,409,807


Class C		125,369


Class Y		5,350,996


Class R6		539,434


Class A:
Net asset value per share	$	14.91


Maximum offering price per share (Net asset value of $14.91 ÷ 94.50%)	$	15.78


Class C:
Net asset value and offering price per share	$	13.77


Class Y:
Net asset value and offering price per share	$	14.98


Class R6:
Net asset value and offering price per share	$	14.98

*	At December 31, 2023, securities with an aggregate value of $754,368 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco EQV European Small Company Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:

Dividends (net of foreign withholding taxes of $1,105,324)	$	12,988,288


Dividends from affiliates (includes net securities lending income of $7,094)		756,287


Foreign withholding tax claims		639,375


Total investment income		14,383,950



Expenses:
Advisory fees		1,822,812


Administrative services fees		28,074


Custodian fees		30,005


Distribution fees:
Class A		242,761


Class C		21,433


Transfer agent fees – A, C and Y		237,393


Transfer agent fees – R6		2,365


Trustees’ and officers’ fees and benefits		17,778


Registration and filing fees		67,086


Reports to shareholders		30,597


Professional services fees		80,438


Other		15,955


Total expenses		2,596,697


Less: Fees waived and/or expense offset arrangement(s)		(21,170	)


Net expenses		2,575,527


Net investment income		11,808,423



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(5,048,139	)


Affiliated investment securities		580


Foreign currencies		12,433


		(5,035,126	)


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		17,856,557


Affiliated investment securities		(318	)


Foreign currencies		(22,312	)


		17,833,927


Net realized and unrealized gain		12,798,801


Net increase in net assets resulting from operations	$	24,607,224

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco EQV European Small Company Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:

Net investment income	$	11,808,423		$	6,461,050



Net realized gain (loss)		(5,035,126	)		17,575,640



Change in net unrealized appreciation (depreciation)		17,833,927			(68,933,835	)


Net increase (decrease) in net assets resulting from operations		24,607,224			(44,897,145	)



Distributions to shareholders from distributable earnings:

Class A		(4,534,708	)		(9,757,917	)



Class C		(72,489	)		(269,202	)



Class Y		(3,992,359	)		(8,046,073	)



Class R6		(406,970	)		(933,877	)


Total distributions from distributable earnings		(9,006,526	)		(19,007,069	)



Share transactions–net:

Class A		(7,667,655	)		1,995,292



Class C		(1,013,320	)		(619,774	)



Class Y		(1,804,075	)		(27,224,590	)



Class R6		(1,449,625	)		(622,420	)


Net increase (decrease) in net assets resulting from share transactions		(11,934,675	)		(26,471,492	)


Net increase (decrease) in net assets		3,666,023			(90,375,706	)



Net assets:

Beginning of year		181,858,990			272,234,696



End of year	$	185,525,013		$	181,858,990

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco EQV European Small Company Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations				Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/23		$13.69		$0.85	^(d)		$1.11			$	1.96			$(0.65	)		$(0.09	)		$(0.74)			$14.91		14.44	%		$95,566		1.44	%		1.45	%		5.94	%^(d)		24	%
Year ended 12/31/22		18.25		0.46	^(d)		(3.48	)			(3.02	)		(0.36	)		(1.18	)		(1.54	)		13.69		(16.25	)		94,975		1.48			1.49			3.06	^(d)		5
Year ended 12/31/21		15.18		0.21			3.46				3.67			(0.53	)		(0.07	)		(0.60	)		18.25		24.27			123,121		1.33			1.33			1.22			10
Year ended 12/31/20		14.24		0.14	^(d)		1.21				1.35			(0.17	)		(0.24	)		(0.41	)		15.18		9.60			99,172		1.53			1.54			1.09	^(d)		6
Year ended 12/31/19		13.23		0.34	^(d)		1.67				2.01			(0.63	)		(0.37	)		(1.00	)		14.24		15.23			121,763		1.42			1.43			2.40	^(d)		1
Class C
Year ended 12/31/23		12.66		0.69	^(d)		1.02				1.71			(0.51	)		(0.09	)		(0.60	)		13.77		13.64			1,726		2.19			2.20			5.19	^(d)		24
Year ended 12/31/22		17.04		0.33	^(d)		(3.27	)			(2.94	)		(0.26	)		(1.18	)		(1.44	)		12.66		(16.94	)		2,568		2.23			2.24			2.31	^(d)		5
Year ended 12/31/21		14.01		0.08			3.19				3.27			(0.17	)		(0.07	)		(0.24	)		17.04		23.35			4,215		2.08			2.08			0.47			10
Year ended 12/31/20		13.27		0.04	^(d)		1.11				1.15			(0.17	)		(0.24	)		(0.41	)		14.01		8.80			6,370		2.28			2.29			0.34	^(d)		6
Year ended 12/31/19		12.36		0.22	^(d)		1.56				1.78			(0.50	)		(0.37	)		(0.87	)		13.27		14.44			12,200		2.17			2.18			1.65	^(d)		1
Class Y
Year ended 12/31/23		13.75		0.89	^(d)		1.12				2.01			(0.69	)		(0.09	)		(0.78	)		14.98		14.75			80,153		1.19			1.20			6.19	^(d)		24
Year ended 12/31/22		18.33		0.51	^(d)		(3.51	)			(3.00	)		(0.40	)		(1.18	)		(1.58	)		13.75		(16.06	)		75,529		1.23			1.24			3.31	^(d⁾		5
Year ended 12/31/21		15.27		0.26			3.48				3.74			(0.61	)		(0.07	)		(0.68	)		18.33		24.62			132,546		1.08			1.08			1.47			10
Year ended 12/31/20		14.29		0.18	^(d)		1.21				1.39			(0.17	)		(0.24	)		(0.41	)		15.27		9.85			121,746		1.28			1.29			1.34	^(d)		6
Year ended 12/31/19		13.27		0.38	^(d)		1.68				2.06			(0.67	)		(0.37	)		(1.04	)		14.29		15.56			230,577		1.17			1.18			2.65	^(d)		1
Class R6
Year ended 12/31/23		13.75		0.91	^(d)		1.11				2.02			(0.70	)		(0.09	)		(0.79	)		14.98		14.86			8,080		1.09			1.10			6.29	^(d)		24
Year ended 12/31/22		18.33		0.52	^(d)		(3.50	)			(2.98	)		(0.42	)		(1.18	)		(1.60	)		13.75		(15.95	)		8,787		1.11			1.12			3.43	^(d)		5
Year ended 12/31/21		15.28		0.27			3.48				3.75			(0.63	)		(0.07	)		(0.70	)		18.33		24.72			12,353		1.00			1.00			1.55			10
Year ended 12/31/20		14.28		0.19	^(d)		1.22				1.41			(0.17	)		(0.24	)		(0.41	)		15.28		9.99			11,029		1.19			1.20			1.43	^(d)		6
Year ended 12/31/19		13.27		0.39	^(d)		1.67				2.06			(0.68	)		(0.37	)		(1.05	)		14.28		15.59			14,875		1.09			1.10			2.73	^(d)		1

^(a)	Calculated using average shares outstanding.

^(b)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)

Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2023. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.38 and 2.64%, $0.22 and 1.89%, $0.42 and 2.89% and $0.44 and 2.99% for Class A, Class C, Class Y and Class R6 shares, respectively. Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.35 and 2.33%, $0.22 and 1.58%, $0.40 and 2.58% and $0.41 and 2.70% for Class A, Class C, Class Y and Class R6 shares, respectively. Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2020. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.08 and 0.62%, $(0.02) and (0.13)%, $0.12 and 0.87% and $0.13 and 0.96% for Class A, Class C, Class Y and Class R6 shares, respectively. Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2019. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.24 and 1.66%, $0.12 and 0.91%, $0.28 and 1.91% and $0.29 and 1.99% for Class A, Class C, Class Y and Class R6 shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco EQV European Small Company Fund

Notes to Financial Statements

December 31, 2023

NOTE 1–Significant Accounting Policies

Invesco EQV European Small Company Fund (the “Fund”) is a series portfolio of AIM Funds Group (Invesco Funds Group) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of four different classes of shares: Class A, Class C, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


13		Invesco EQV European Small Company Fund

unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements.Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign withholding tax claims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional services fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the year ended December 31, 2023, the Fund did not enter into any closing agreements.

Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.


14		Invesco EQV European Small Company Fund

Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2023, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

L.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lockin” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

Other Risks – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.


15		Invesco EQV European Small Company Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:


Average Daily Net Assets	Rate


First $250 million		0.935%


Next $250 million		0.910%


Next $500 million		0.885%


Next $1.5 billion		0.860%


Next $2.5 billion		0.835%


Next $2.5 billion		0.810%


Next $2.5 billion		0.785%


Over $10 billion		0.760%

For the year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.935%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y and Class R6 shares to 2.25%, 3.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the year ended December 31, 2023, the Adviser waived advisory fees of $17,080.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2023, IDI advised the Fund that IDI retained $6,713 in front-end sales commissions from the sale of Class A shares and $5 and $90 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2023, the Fund incurred $4,772 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


		Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
		Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.


16		Invesco EQV European Small Company Fund


		Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Finland	$	–	$	2,650,794		$–	$	2,650,794


France		–		39,342,674		–		39,342,674


Georgia		–		5,309,808		–		5,309,808


Germany		–		9,925,678		–		9,925,678


Greece		–		3,871,894		–		3,871,894


Ireland		–		3,151,244		–		3,151,244


Israel		–		4,154,448		–		4,154,448


Italy		–		10,011,597		–		10,011,597


Netherlands		–		2,545,700		–		2,545,700


Norway		–		2,482,765		–		2,482,765


Poland		–		12,513,499		–		12,513,499


Portugal		1,249,634		–		–		1,249,634


Romania		–		1,153,422		–		1,153,422


Sweden		–		5,725,161		–		5,725,161


Switzerland		–		8,558,475		–		8,558,475


United Kingdom		–		61,147,263		–		61,147,263


United States		–		3,614,334		–		3,614,334


Money Market Funds		7,498,229		814,270		–		8,312,499


Total Investments	$	8,747,863	$	176,973,026		$–	$	185,720,889

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the year ended December 31, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,090.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	7,970,717	$	4,710,246


Long-term capital gain		1,035,809		14,296,823


Total distributions	$	9,006,526	$	19,007,069

*	Includes short-term capital gain distributions, if any.


17		Invesco EQV European Small Company Fund


Tax Components of Net Assets at Period-End:

	2023


Undistributed ordinary income	$	4,321,146


Net unrealized appreciation – investments		41,290,061


Net unrealized appreciation – foreign currencies		13,522


Temporary book/tax differences		(41,389	)


Capital loss carryforward		(5,049,681	)


Shares of beneficial interest		144,991,354


Total net assets	$	185,525,013

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund’s net unrealized appreciation (depreciation) difference is attributable primarily to passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund’s temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*
Expiration	Short-Term	Long-Term		Total


Not subject to expiration	$–	$	5,049,681	$	5,049,681

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $46,135,889 and $43,180,980, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	53,301,561


Aggregate unrealized (depreciation) of investments		(12,011,500	)


Net unrealized appreciation of investments	$	41,290,061

Cost of investments for tax purposes is $144,430,828.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions and distributions, on December 31, 2023, undistributed net investment income was decreased by $6,566 and undistributed net realized gain (loss) was increased by $6,566. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity



	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		531,636		$	7,633,281			1,022,926		$	15,388,545


Class C		24,210			322,359			24,297			377,876


Class Y		1,716,313			24,682,143			677,184			10,266,872


Class R6		79,541			1,138,540			85,412			1,307,791



Issued as reinvestment of dividends:
Class A		276,206			4,002,237			651,241			8,628,939


Class C		4,801			64,287			20,805			255,064


Class Y		220,465			3,209,971			495,044			6,584,080


Class R6		25,689			374,029			59,397			789,986



Automatic conversion of Class C shares to Class A shares:
Class A		60,123			857,913			25,520			372,699


Class C		(65,216	)		(857,913	)		(27,475	)		(372,699	)


18		Invesco EQV European Small Company Fund


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount



Reacquired:
Class A		(1,397,831	)	$	(20,161,086	)		(1,506,103	)	$	(22,394,891	)


Class C		(41,214	)		(542,053	)		(62,239	)		(880,015	)


Class Y		(2,079,664	)		(29,696,189	)		(2,910,203	)		(44,075,542	)


Class R6		(204,956	)		(2,962,194	)		(179,628	)		(2,720,197	)


Net increase (decrease) in share activity		(849,897	)	$	(11,934,675	)		(1,623,822	)	$	(26,471,492	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


19		Invesco EQV European Small Company Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Funds Group (Invesco Funds Group) and Shareholders of Invesco EQV European Small Company Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco EQV European Small Company Fund (one of the funds constituting AIM Funds Group (Invesco Funds Group), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.


20		Invesco EQV European Small Company Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2023 through December 31, 2023.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,062.20	$7.64	$1,017.80	$7.48	1.47%
Class C	1,000.00	1,058.70	11.52	1,014.01	11.27	2.22
Class Y	1,000.00	1,063.90	6.35	1,019.06	6.21	1.22
Class R6	1,000.00	1,064.20	5.83	1,019.56	5.70	1.12

The actual ending account value is based on the actual total return of the Fund for the period July 1, 2023 through December 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


21		Invesco EQV European Small Company Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	1,035,809
Qualified Dividend Income*		84.54	%
Corporate Dividends Received Deduction*		2.40	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


22		Invesco EQV European Small Company Fund

Trustees and Officers

The address of each trustee and officer is AIM Funds Group (Invesco Funds Group) (the “Trust”), 11 Greenway Plaza, Houston, Texas 77046-1173. The trustees serve for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust’s organizational documents. Each officer serves for a one year term or until their successors are elected and qualified. Column two below includes length of time served with predecessor entities, if any.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company


T-1		Invesco EQV European Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School-Texas A&M University Formerly: Dean of Mays Business School - Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)


T-2		Invesco EQV European Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non- profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A


T-3		Invesco EQV European Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.;Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A


T-4		Invesco EQV European Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A

The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’s sub-advisers.


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-5		Invesco EQV European Small Company Fund

LOGO

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

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∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund’s Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

LOGO


SEC file number(s): 811-01540 and 002-27334		Invesco Distributors, Inc.		ESC-AR-1

LOGO



Annual Report to Shareholders		December 31, 2023

Invesco EQV International Small Company Fund

Nasdaq:

A: IEGAX ∎ C: IEGCX ∎ Y: IEGYX ∎ R5: IEGIX ∎ R6: IEGFX


2		Management’s Discussion
2		Performance Summary
4		Long-Term Fund Performance
6		Supplemental Information
8		Schedule of Investments
11		Financial Statements
14		Financial Highlights
15		Notes to Financial Statements
21		Report of Independent Registered Public Accounting Firm
22		Fund Expenses
23		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2023, Class A shares of Invesco EQV International Small Company Fund (the Fund), at net asset value (NAV), underperformed the MSCI All Country World ex USA Small Cap Index, the Fund’s broad market/style-specific benchmark. Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes
Total returns, 12/31/22 to 12/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	14.12	%
Class C Shares	13.27
Class Y Shares	14.43
Class R5 Shares	14.82
Class R6 Shares	14.85
MSCI All Country World ex USA Small Cap Index^▼(Broad Market/Style-Specific Index)	15.66
Source(s): ^▼RIMES Technologies Corp.

Market conditions and your Fund

The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed global equities underperformed emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate sector, but positive performance in the United Arab Emirates, Turkey and India offset those results.

outperforming value stocks. The energy sector was an exception, ending the quarter in negative territory, hampered by falling oil prices. Developed global equities outperformed emerging market equities. Within emerging markets, Chinese equities extended their decline from the prior quarter, but positive performance in other emerging regions, particularly Latin America, offset those results.

Both developed and emerging market equities finished the fiscal year ended December 31, 2023, in positive territory, with developed market equities outperforming emerging market equities.

The Invesco EQV International Small Company Fund underperformed the MSCI All Country World ex USA Small Cap Index (the “benchmark index”) for the fiscal year ended December 31, 2023.

Stock selection in the health care sector was the largest detractor from relative performance. Within health care, Egyptian medical diagnostic services provider Integrated Diagnostics Holdings detracted from both absolute and relative results. The Fund’s holdings in the consumer discretionary sector underperformed those of the benchmark index, detracting from the Fund’s relative return. Chinese online travel operator Tongcheng Travel Holdings was a notable relative detractor in the consumer discretionary sector. The stock corrected during the fiscal year post the China re-opening due to profit taking and weak China sentiment. Stock selection in energy also detracted from the Fund’s relative return. Geographically, Fund holdings in India outperformed those of the MSCI All Country World ex USA Small Cap Index, but a relative underweight in India versus the benchmark index negatively affected relative results. The Fund’s overweight exposure to and stock selection in Indonesia also detracted from relative performance. In a rising equity market environment, the Fund’s cash position hampered relative return. It is

important to note that cash is a residual of our bottom-up investment process and is not the result of any top-down tactical asset allocation or a risk-management allocation decision.

Conversely, stock selection and an overweight in industrials was the largest contributor to the Fund’s relative performance during the fiscal year. Within industrials, Brazilian shipping company Wilson Sons was a notable relative contributor. The stock performed well during the fiscal year as the company’s earnings and market sentiment towards Brazil improved. Stock selection and an overweight in financials also added to relative results, with British mortgage intermediary Mortgage Advice Bureau Holdings being a key contributor. Fund holdings in real estate outperformed those of the benchmark index, contributing to relative return. An underweight in real estate was also beneficial. Geographically, stock selection in Brazil and Italy were among the largest contributors to relative performance. Overweights in both Brazil and Italy and exposure in Georgia (a non-benchmark country) added to the Fund’s relative results.

During the fiscal year, we continued to look for opportunities to improve the growth potential and quality of the Fund’s portfolio by adding companies based on our evaluation of the EQV characteristics for each company. We added several new holdings, including German healthcare software provider Compu-Group Medical, British automated photo-booths, laundry machines, and other vending machines provider ME Group International and Chinese pneumatic control equipment company AirTAC International. We sold several holdings during the fiscal year, including Mexican airport company Grupo Aeroportuario del Centro Norte, Romanian closed-end fund Fondul Proprietatea and German medical technology company Vita 34.

We thank you for your continued investment in Invesco EQV International Small Company Fund.


2		Invesco EQV International Small Company Fund

Portfolio manager(s):

Borge Endresen - Lead

Steven Rivoir

Minkun Zhang

See important Fund and, if applicable, index disclosures later in this report.


3		Invesco EQV International Small Company Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


4		Invesco EQV International Small Company Fund



Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges
Class A Shares
Inception (8/31/00)	8.18	%
10 Years	4.16
5 Years	8.13
1 Year	7.85

Class C Shares
Inception (8/31/00)	8.18	%
10 Years	4.12
5 Years	8.53
1 Year	12.27

Class Y Shares
Inception (10/3/08)	8.06	%
10 Years	5.01
5 Years	9.62
1 Year	14.43

Class R5 Shares
Inception (10/25/05)	7.49	%
10 Years	5.15
5 Years	9.80
1 Year	14.82

Class R6 Shares
Inception (9/24/12)	6.05	%
10 Years	5.22
5 Years	9.87
1 Year	14.85

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


5		Invesco EQV International Small Company Fund

Supplemental Information

Invesco EQV International Small Company Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI All Country World ex USA^® Small Cap Index represents the performance of small-cap stocks in developed and emerging markets, excluding the US. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


6		Invesco EQV International Small Company Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Industrials		27.53	%

Information Technology		16.04

Financials		12.54

Consumer Discretionary		11.74

Consumer Staples		6.50

Real Estate		5.86

Health Care		5.00

Communication Services		3.48

Energy		2.64

Materials		1.95

Money Market Funds Plus Other Assets Less Liabilities		6.72

Top 10 Equity Holdings*


		% of total net assets

1.	DCC PLC		2.44	%

2.	TBC Bank Group PLC		2.38

3.	Wilson Sons S.A.		2.32

4.	Multiplan Empreendimentos Imobiliarios S.A.		2.30

5.	E-L Financial Corp. Ltd.		2.20

6.	Zuken, Inc.		1.99

7.	IG Group Holdings PLC		1.96

8.	Societe Pour L’Informatique Industrielle SII		1.96

9.	Bolsa Mexicana de Valores S.A.B. de C.V.		1.92

10.	Arcos Dorados Holdings, Inc., Class A		1.80

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.


7		Invesco EQV International Small Company Fund

Schedule of Investments

December 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–93.28%
Brazil–7.89%
Arcos Dorados Holdings, Inc., Class A		661,360	$	8,392,659


Multiplan Empreendimentos Imobiliarios S.A.		1,832,200		10,685,439


TOTVS S.A.		984,800		6,829,926


Wilson Sons S.A.		3,008,682		10,812,070


				36,720,094



Canada–6.56%
Calian Group Ltd.		179,300		7,752,234


E-L Financial Corp. Ltd.		12,921		10,221,539


Information Services Corp.		404,100		6,764,226


Total Energy Services, Inc.		670,190		3,823,732


Trican Well Service Ltd.		639,308		1,987,811


				30,549,542



China–3.44%
Airtac International Group		199,000		6,538,768


Chongqing Fuling Zhacai Group Co. Ltd., A Shares		1,146,349		2,310,684


Tongcheng Travel Holdings Ltd.^(a)(b)		3,882,400		7,190,391


				16,039,843



Denmark–0.02%
TCM Group A/S^(a)(b)		10,561		71,183



Egypt–1.68%
Eastern Co. S.A.E.		5,694,856		5,166,227


Integrated Diagnostics Holdings PLC^(a)(b)		7,477,870		2,648,362


				7,814,589



France–9.16%
Exail Technologies S.A.^(b)(c)		260,276		5,556,100


Guillemot Corp.^(c)		261,198		1,955,944


Kaufman & Broad S.A.		189,837		6,322,097


Linedata Services		58,928		3,615,257


Metropole Television S.A.		185,460		2,650,401


Neurones		114,859		5,553,297


Precia S.A.		226,210		7,849,569


Societe Pour L’Informatique Industrielle SII		118,359		9,130,279


				42,632,944



Georgia–2.38%
TBC Bank Group PLC		307,628		11,091,804



Germany–4.78%
Cherry SE^(b)		368,000		1,294,937


CompuGroup Medical SE & Co. KGaA		157,129		6,576,875


CTS Eventim AG & Co. KGaA		102,153		7,065,439


flatexDEGIRO AG^(b)		594,386		7,315,300


				22,252,551



India–1.87%
Emami Ltd.		659,682		4,467,719


MakeMyTrip Ltd.^(b)(c)		90,746		4,263,247


				8,730,966


	Shares		Value


Indonesia–3.66%
PT Kalbe Farma Tbk		49,480,300	$	5,175,790


PT Mitra Keluarga Karyasehat Tbk^(a)		38,349,700		7,100,953


PT Pakuwon Jati Tbk		161,499,300		4,760,416


				17,037,159



Ireland–0.40%
Origin Enterprises PLC		495,000		1,881,953



Italy–5.11%
Danieli & C. Officine Meccaniche S.p.A., RSP		266,310		6,387,233


MARR S.p.A.		384,398		4,878,210


Openjobmetis Spa agenzia per il lavoro^(c)		401,136		7,085,615


Technogym S.p.A.^(a)		543,169		5,442,405


				23,793,463



Japan–8.42%
BayCurrent Consulting, Inc.		111,900		3,917,170


Fujimi, Inc.		181,400		4,021,668


Hamamatsu Photonics K.K.		114,600		4,701,777


Nabtesco Corp.		320,800		6,532,387


Shimano, Inc.		37,300		5,745,844


Tokyo Ohka Kogyo Co. Ltd.		229,500		5,048,900


Zuken, Inc.^(c)		323,800		9,255,296


				39,223,042



Malaysia–2.19%
Bursa Malaysia Bhd.		2,283,700		3,433,698


Heineken Malaysia Bhd.		1,289,200		6,769,648


				10,203,346



Mexico–2.95%
Bolsa Mexicana de Valores S.A.B. de C.V.		4,325,494		8,951,055


Kimberly-Clark de Mexico S.A.B. de C.V., Class A		2,122,000		4,769,845


				13,720,900



Netherlands–0.66%
SBM Offshore N.V.		223,727		3,073,686



New Zealand–0.82%
Freightways Group Ltd.		709,173		3,810,242



Poland–2.87%
Mo-BRUK S.A.		64,932		5,461,504


Text S.A.		268,000		7,886,922


				13,348,426



South Africa–1.79%
Combined Motor Holdings Ltd.		2,114,569		3,125,439


Karooooo Ltd.		214,000		5,200,200


				8,325,639



South Korea–1.39%
LEENO Industrial, Inc.		41,447		6,486,664



Spain–1.01%
Construcciones y Auxiliar de Ferrocarriles S.A.		130,396		4,697,729

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco EQV International Small Company Fund


	Shares		Value


Sweden–1.92%
Kindred Group PLC, SDR		711,606	$	6,585,191


Proact IT Group AB		250,428		2,334,507


				8,919,698



Switzerland–1.20%
Kardex Holding AG		21,500		5,578,408



Taiwan–2.23%
ASPEED Technology, Inc.		27,000		2,735,126


Visual Photonics Epitaxy Co. Ltd.		1,470,000		7,670,661


				10,405,787



United Kingdom–16.75%
4imprint Group PLC		110,974		6,454,946


Bioventix PLC		32,000		1,754,073


Character Group PLC (The)		440,000		1,620,727


Clarkson PLC		142,000		5,722,891


DCC PLC		154,050		11,335,155


Diploma PLC		125,915		5,750,753


IG Group Holdings PLC		937,045		9,132,916


ME Group International PLC		3,715,911		5,913,461


Mortgage Advice Bureau Holdings Ltd.		787,549		8,228,569


Renew Holdings PLC		722,291		7,921,092


Savills PLC		413,099		5,097,645


Serco Group PLC		2,540,000		5,233,498


XP Power Ltd.		221,578		3,819,313


				77,985,039



United States–2.13%
Epsilon Energy Ltd.		272,280		1,383,183


Signify N.V.		194,303		6,516,191


	Shares		Value


United States–(continued)
VAALCO Energy, Inc.		451,582	$	2,027,603


				9,926,977


Total Common Stocks & Other Equity Interests (Cost $351,424,384)				434,321,674



Money Market Funds–6.69%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e)		10,849,108		10,849,108


Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(d)(e)		7,916,002		7,921,543


Invesco Treasury Portfolio, Institutional Class, 5.26%^(d)(e)		12,398,980		12,398,980


Total Money Market Funds (Cost $31,164,195)				31,169,631


TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.97% (Cost $382,588,579)				465,491,305



Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.71%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		918,745		918,745


Invesco Private Prime Fund, 5.55%^(d)(e)(f)		2,360,835		2,362,487


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,280,277)				3,281,232


TOTAL INVESTMENTS IN SECURITIES—100.68% (Cost $385,868,856)				468,772,537


OTHER ASSETS LESS LIABILITIES–(0.68)%				(3,174,177	)


NET ASSETS–100.00%			$	465,598,360

Investment Abbreviations:

RSP – Registered Savings Plan Shares

SDR – Swedish Depository Receipt

Notes to Schedule of Investments:

^(a)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at December 31, 2023 was $22,453,294, which represented 4.82% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2023.

^(d)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value December 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$12,529,276		$ 30,272,859		$ (31,953,027)		$ -		$ -		$10,849,108		$ 560,674
Invesco Liquid Assets Portfolio, Institutional Class		9,118,741		21,623,471		(22,823,591)		1,823		1,099		7,921,543		417,657
Invesco Treasury Portfolio, Institutional Class		14,319,172		34,597,554		(36,517,746)		-		-		12,398,980		639,744
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		15,947,838		(15,029,093)		-		-		918,745		43,132*
Invesco Private Prime Fund		-		39,058,534		(36,697,328)		955		326		2,362,487		114,490*
Total		$35,967,189		$141,500,256		$(143,020,785)		$2,778		$1,425		$34,450,863		$1,775,697

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco EQV International Small Company Fund

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco EQV International Small Company Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $351,424,384)*	$	434,321,674


Investments in affiliated money market funds, at value (Cost $34,444,472)		34,450,863


Foreign currencies, at value (Cost $1,046,262)		1,047,834


Receivable for:
Investments sold		81,665


Fund shares sold		1,223,190


Dividends		1,024,676


Investment for trustee deferred compensation and retirement plans		86,575


Other assets		50,420


Total assets		472,286,897



Liabilities:
Payable for:
Investments purchased		921,675


Fund shares reacquired		1,747,947


Amount due custodian		336,621


Collateral upon return of securities loaned		3,280,277


Accrued fees to affiliates		232,530


Accrued other operating expenses		77,196


Trustee deferred compensation and retirement plans		92,291


Total liabilities		6,688,537


Net assets applicable to shares outstanding	$	465,598,360



Net assets consist of:
Shares of beneficial interest	$	384,202,905


Distributable earnings		81,395,455


	$	465,598,360


Net Assets:
Class A	$	151,011,750


Class C	$	2,960,752


Class Y	$	86,063,646


Class R5	$	20,441,663


Class R6	$	205,120,549



Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		7,426,161


Class C		154,493


Class Y		4,226,234


Class R5		1,014,815


Class R6		10,192,056


Class A:
Net asset value per share	$	20.34


Maximum offering price per share (Net asset value of $20.34 ÷ 94.50%)	$	21.52


Class C:
Net asset value and offering price per share	$	19.16


Class Y:
Net asset value and offering price per share	$	20.36


Class R5:
Net asset value and offering price per share	$	20.14


Class R6:
Net asset value and offering price per share	$	20.13

*	At December 31, 2023, securities with an aggregate value of $3,193,914 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco EQV International Small Company Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:
Dividends (net of foreign withholding taxes of $1,506,275)	$	16,872,469


Dividends from affiliates (includes net securities lending income of $14,980)		1,633,055


Foreign withholding tax claims		151,877


Total investment income		18,657,401



Expenses:
Advisory fees		3,749,180


Administrative services fees		57,711


Custodian fees		67,375


Distribution fees:
Class A		338,264


Class C		28,408


Transfer agent fees – A, C and Y		888,455


Transfer agent fees – R5		19,774


Transfer agent fees – R6		52,335


Trustees’ and officers’ fees and benefits		19,535


Registration and filing fees		95,714


Reports to shareholders		136,030


Professional services fees		97,509


Other		25,511


Total expenses		5,575,801


Less: Fees waived and/or expense offset arrangement(s)		(40,187	)


Net expenses		5,535,614


Net investment income		13,121,787



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(622,297	)


Affiliated investment securities		1,425


Foreign currencies		247,633


		(373,239	)


Change in net unrealized appreciation of:
Unaffiliated investment securities		44,384,238


Affiliated investment securities		2,778


Foreign currencies		17,668


		44,404,684


Net realized and unrealized gain		44,031,445


Net increase in net assets resulting from operations	$	57,153,232

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco EQV International Small Company Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:

Net investment income	$	13,121,787		$	9,275,661


Net realized gain (loss)		(373,239	)		3,238,030


Change in net unrealized appreciation (depreciation)		44,404,684			(50,791,313	)


Net increase (decrease) in net assets resulting from operations		57,153,232			(38,277,622	)



Distributions to shareholders from distributable earnings:

Class A		(3,202,184	)		(3,833,669	)


Class C		(50,555	)		(63,024	)


Class Y		(2,112,537	)		(2,041,537	)


Class R5		(558,655	)		(634,773	)


Class R6		(5,706,571	)		(5,014,570	)


Total distributions from distributable earnings		(11,630,502	)		(11,587,573	)



Share transactions–net:

Class A		4,061,469			1,811,612


Class C		(55,832	)		(279,008	)


Class Y		11,930,804			34,010,432


Class R5		(1,681,019	)		11,063,184


Class R6		34,631,734			38,488,822


Net increase in net assets resulting from share transactions		48,887,156			85,095,042


Net increase in net assets		94,409,886			35,229,847



Net assets:

Beginning of year		371,188,474			335,958,627


End of year	$	465,598,360		$	371,188,474

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


13		Invesco EQV International Small Company Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/23		$18.24		$ 0.55	^(d)		$ 2.01			$ 2.56			$ (0.44	)		$ (0.02	)		$ (0.46	)		$20.34		14.12	%		$151,012		1.71	%		1.72	%		2.90	%^(d)		11%
Year ended 12/31/22		21.18		0.48	^(d)		(2.88	)		(2.40	)		(0.35	)		(0.19	)		(0.54	)		18.24		(11.27	)		131,971		1.49			1.50			2.55	^(d)		10
Year ended 12/31/21		18.67		0.26			3.14			3.40			(0.38	)		(0.51	)		(0.89	)		21.18		18.38			150,947		1.47			1.47			1.21			6
Year ended 12/31/20		17.13		0.09			1.66			1.75			(0.10	)		(0.11	)		(0.21	)		18.67		10.23			127,417		1.60			1.61			0.57			10
Year ended 12/31/19		15.14		0.28			2.49			2.77			(0.40	)		(0.38	)		(0.78	)		17.13		18.37			139,919		1.55			1.56			1.70			10
Class C
Year ended 12/31/23		17.22		0.38	^(d)		1.88			2.26			(0.30	)		(0.02	)		(0.32	)		19.16		13.21			2,961		2.46			2.47			2.15	^(d)		11
Year ended 12/31/22		20.02		0.32	^(d)		(2.72	)		(2.40	)		(0.21	)		(0.19	)		(0.40	)		17.22		(11.94	)		2,713		2.24			2.25			1.80	^(d)		10
Year ended 12/31/21		17.69		0.09			2.98			3.07			(0.23	)		(0.51	)		(0.74	)		20.02		17.51			3,472		2.22			2.22			0.46			6
Year ended 12/31/20		16.30		(0.03	)		1.55			1.52			(0.02	)		(0.11	)		(0.13	)		17.69		9.36			3,151		2.35			2.36			(0.18	)		10
Year ended 12/31/19		14.41		0.15			2.36			2.51			(0.24	)		(0.38	)		(0.62	)		16.30		17.45			4,213		2.30			2.31			0.95			10
Class Y
Year ended 12/31/23		18.26		0.60	^(d)		2.00			2.60			(0.48	)		(0.02	)		(0.50	)		20.36		14.38			86,064		1.46			1.47			3.15	^(d)		11
Year ended 12/31/22		21.21		0.52	^(d)		(2.88	)		(2.36	)		(0.40	)		(0.19	)		(0.59	)		18.26		(11.08	)		65,634		1.24			1.25			2.80	^(d)		10
Year ended 12/31/21		18.69		0.31			3.16			3.47			(0.44	)		(0.51	)		(0.95	)		21.21		18.70			37,629		1.22			1.22			1.46			6
Year ended 12/31/20		17.15		0.13			1.66			1.79			(0.14	)		(0.11	)		(0.25	)		18.69		10.47			34,240		1.35			1.36			0.82			10
Year ended 12/31/19		15.16		0.32			2.50			2.82			(0.45	)		(0.38	)		(0.83	)		17.15		18.66			46,477		1.30			1.31			1.95			10
Class R5
Year ended 12/31/23		18.06		0.66	^(d)		1.98			2.64			(0.54	)		(0.02	)		(0.56	)		20.14		14.77			20,442		1.14			1.15			3.47	^(d)		11
Year ended 12/31/22		20.99		0.54	^(d)		(2.86	)		(2.32	)		(0.42	)		(0.19	)		(0.61	)		18.06		(11.00	)		19,913		1.12			1.13			2.92	^(d)		10
Year ended 12/31/21		18.51		0.32			3.13			3.45			(0.46	)		(0.51	)		(0.97	)		20.99		18.78			11,009		1.13			1.13			1.55			6
Year ended 12/31/20		16.98		0.15			1.65			1.80			(0.16	)		(0.11	)		(0.27	)		18.51		10.64			6,297		1.22			1.23			0.95			10
Year ended 12/31/19		15.01		0.34			2.48			2.82			(0.47	)		(0.38	)		(0.85	)		16.98		18.84			5,656		1.18			1.19			2.07			10
Class R6
Year ended 12/31/23		18.05		0.67	^(d)		1.99			2.66			(0.56	)		(0.02	)		(0.58	)		20.13		14.85			205,121		1.07			1.08			3.54	^(d)		11
Year ended 12/31/22		20.97		0.56	^(d)		(2.86	)		(2.30	)		(0.43	)		(0.19	)		(0.62	)		18.05		(10.91	)		150,958		1.05			1.06			2.99	^(d)		10
Year ended 12/31/21		18.49		0.34			3.12			3.46			(0.47	)		(0.51	)		(0.98	)		20.97		18.88			132,901		1.06			1.06			1.62			6
Year ended 12/31/20		16.96		0.16			1.65			1.81			(0.17	)		(0.11	)		(0.28	)		18.49		10.72			79,958		1.15			1.16			1.02			10
Year ended 12/31/19		15.00		0.35			2.47			2.82			(0.48	)		(0.38	)		(0.86	)		16.96		18.88			79,608		1.11			1.12			2.14			10

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

^(d)

Net investment income per share and the ratio of net investment income to average net assets includes significant dividends received during the year ended December 31, 2023. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.31 and 1.65%, $0.14 and 0.90%, $0.36 and 1.90%, $0.42 and 2.22% and $0.43 and 2.29% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively. Net investment income per share and the ratio of net investment income to average net assets include significant dividends received during the year ended December 31, 2022. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividends are $0.38 and 2.03%, $0.22 and 1.28%, $0.42 and 2.28%, $0.44 and 2.40% and $0.46 and 2.47% for Class A, Class C, Class Y, Class R5 and Class R6 shares, respectively.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


14		Invesco EQV International Small Company Fund

Notes to Financial Statements

December 31, 2023

NOTE 1–Significant Accounting Policies

Invesco EQV International Small Company Fund (the “Fund”) is a series portfolio of AIM Funds Group (Invesco Funds Group) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


15		Invesco EQV International Small Company Fund

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

Expenses –Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.


16		Invesco EQV International Small Company Fund

loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2023, fees paid to the Adviser were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

L.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $250 million		0.935%


Next $250 million		0.910%


Next $500 million		0.885%


Next $1.5 billion		0.860%


Next $2.5 billion		0.835%


Next $2.5 billion		0.810%


Next $2.5 billion		0.785%


Over $10 billion		0.760%

For the year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.93%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).


17		Invesco EQV International Small Company Fund

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the year ended December 31, 2023, the Adviser waived advisory fees of $36,604.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2023, IDI advised the Fund that IDI retained $12,934 in front-end sales commissions from the sale of Class A shares and $564 and $30 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2023, the Fund incurred $5,720 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


		Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
		Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
		Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total


Investments in Securities


Brazil	$	8,392,659	$	28,327,435		$–	$	36,720,094


Canada		30,549,542		–		–		30,549,542


China		–		16,039,843		–		16,039,843


Denmark		–		71,183		–		71,183


Egypt		–		7,814,589		–		7,814,589


France		–		42,632,944		–		42,632,944


Georgia		–		11,091,804		–		11,091,804


Germany		–		22,252,551		–		22,252,551


India		4,263,247		4,467,719		–		8,730,966


Indonesia		–		17,037,159		–		17,037,159


18		Invesco EQV International Small Company Fund


	Level 1		Level 2		Level 3	Total


Ireland	$	–	$	1,881,953	$–	$	1,881,953


Italy		–		23,793,463	–		23,793,463


Japan		–		39,223,042	–		39,223,042


Malaysia		–		10,203,346	–		10,203,346


Mexico		13,720,900		–	–		13,720,900


Netherlands		–		3,073,686	–		3,073,686


New Zealand		–		3,810,242	–		3,810,242


Poland		–		13,348,426	–		13,348,426


South Africa		5,200,200		3,125,439	–		8,325,639


South Korea		–		6,486,664	–		6,486,664


Spain		–		4,697,729	–		4,697,729


Sweden		–		8,919,698	–		8,919,698


Switzerland		–		5,578,408	–		5,578,408


Taiwan		–		10,405,787	–		10,405,787


United Kingdom		–		77,985,039	–		77,985,039


United States		3,410,786		6,516,191	–		9,926,977


Money Market Funds		31,169,631		3,281,232	–		34,450,863


Total Investments	$	96,706,965	$	372,065,572	$–	$	468,772,537

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	11,546,476	$	7,790,347


Long-term capital gain		84,026		3,797,226


Total distributions	$	11,630,502	$	11,587,573

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	484,157


Net unrealized appreciation – investments		81,584,930


Net unrealized appreciation – foreign currencies		9,361


Temporary book/tax differences		(61,586	)


Capital loss carryforward		(621,407	)


Shares of beneficial interest		384,202,905


Total net assets	$	465,598,360


19		Invesco EQV International Small Company Fund

The Fund has a capital loss carryforward as of December 31, 2023, as follows:


Capital Loss Carryforward*


Expiration	Short-Term	Long-Term	Total


Not subject to expiration	$–	$621,407	$621,407

*	Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $107,292,128 and $41,311,283, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$103,796,870


Aggregate unrealized (depreciation) of investments	(22,211,940	)


Net unrealized appreciation of investments	$ 81,584,930

Cost of investments for tax purposes is $ 387,187,607.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions and foreign currency transactions, on December 31, 2023, undistributed net investment income was decreased by $172,177, undistributed net realized gain (loss) was increased by $173,149 and shares of beneficial interest was decreased by $972. This reclassification had no effect on the net assets of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		1,542,497		$	29,544,136			1,111,536		$	20,627,803


Class C		26,518			472,387			35,093			618,279


Class Y		1,826,387			34,589,682			2,366,207			44,197,209


Class R5		266,242			5,011,019			657,184			12,578,887


Class R6		3,932,270			74,238,363			3,720,766			70,279,827



Issued as reinvestment of dividends:
Class A		147,264			2,889,315			195,890			3,510,417


Class C		2,404			44,468			3,418			57,826


Class Y		91,960			1,807,020			99,094			1,777,751


Class R5		28,752			558,656			35,782			634,773


Class R6		277,328			5,385,719			269,144			4,771,915



Automatic conversion of Class C shares to Class A shares:
Class A		4,756			90,363			9,836			179,007


Class C		(5,059	)		(90,363	)		(10,445	)		(179,007	)



Reacquired:
Class A		(1,504,593	)		(28,462,345	)		(1,206,371	)		(22,505,615	)


Class C		(26,958	)		(482,324	)		(43,908	)		(776,106	)


Class Y		(1,286,436	)		(24,465,898	)		(645,079	)		(11,964,528	)


Class R5		(382,534	)		(7,250,694	)		(115,158	)		(2,150,476	)


Class R6		(2,382,125	)		(44,992,348	)		(1,963,795	)		(36,562,920	)


Net increase in share activity		2,558,673		$	48,887,156			4,519,194		$	85,095,042

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


20		Invesco EQV International Small Company Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Funds Group (Invesco Funds Group) and Shareholders of Invesco EQV International Small Company Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco EQV International Small Company Fund (one of the funds constituting AIM Funds Group (Invesco Funds Group), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024


21		Invesco EQV International Small Company Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,080.20	$8.81	$1,016.74	$8.54	1.68%
Class C	1,000.00	1,075.80	12.71	1,012.96	12.33	2.43
Class Y	1,000.00	1,081.50	7.50	1,018.00	7.27	1.43
Class R5	1,000.00	1,082.90	5.99	1,019.46	5.80	1.14
Class R6	1,000.00	1,083.10	5.62	1,019.81	5.45	1.07

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


22		Invesco EQV International Small Company Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$	84,026
Qualified Dividend Income*		87.51	%
Corporate Dividends Received Deduction*		1.40	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%
Foreign Taxes	$	0.0580		per share
Foreign Source Income	$	0.8281		per share

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.


23		Invesco EQV International Small Company Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco EQV International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler –1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School


T-2		Invesco EQV International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco EQV International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco EQV International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco EQV International Small Company Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco EQV International Small Company Fund

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LOGO

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With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

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Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

Important notice regarding delivery of security holder documents

Fund holdings and proxy voting information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

LOGO


SEC file number(s): 811-01540 and 002-27334		Invesco Distributors, Inc.		ISC-AR-1

LOGO



Annual Report to Shareholders		December 31, 2023

Invesco Global Core Equity Fund

Nasdaq:

A: AWSAX ∎ C: AWSCX ∎ R: AWSRX ∎ Y: AWSYX ∎ R5: AWSIX ∎ R6: AWSSX


2		Management’s Discussion
2		Performance Summary
3		Long-Term Fund Performance
5		Supplemental Information
7		Schedule of Investments
9		Financial Statements
12		Financial Highlights
13		Notes to Financial Statements
19		Report of Independent Registered Public Accounting Firm
20		Fund Expenses
21		Tax Information
T-1		Trustees and Officers

Management’s Discussion of Fund Performance



Performance summary
For the fiscal year ended December 31, 2023, Class A shares of Invesco Global Core Equity Fund (the Fund), at net asset value (NAV), underperformed the MSCI World Index, the Fund’s broad market/style-specific benchmark.
Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes

Total returns, 12/31/22 to 12/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	21.79	%
Class C Shares	20.95
Class R Shares	21.59
Class Y Shares	22.08
Class R5 Shares	22.19
Class R6 Shares	22.27
MSCI World Index^▼(Broad Market/Style-Specific Index)	23.79
Lipper Global Large-Cap Core Funds Index^∎(Peer Group Index)	21.09

Source(s): ^▼RIMES Technologies Corp.; ^∎Lipper Inc.

Market conditions and your Fund

For the first half of 2023, global equity markets continued to deliver gains amid continued interest rate increases, volatility and a banking crisis. The largest shock came in March 2023 as the failure of two US regional banks, Silicon Valley Bank and Signature Bank, along with the subsequent UBS takeover of Credit Suisse, led to a selloff in US and European financial stocks. Optimism about AI (Artificial Intelligence) boosted technology stocks during the second quarter of 2023. Emerging market equities also posted gains for the first half of 2023, although China’s equities declined due to weaker-than-expected economic data, real estate developer debt issues and geopolitical concerns.

The global equity rally in the first half of 2023 came to an end in the third quarter as global equity markets declined. Concerns about a slowing global economy and interest rates staying “higher for longer” hampered stock returns. During the quarter, value stocks outperformed growth stocks. Energy was the best performing sector, ending the quarter in positive territory, boosted by rising oil prices as Russia and the Organization of Petroleum Exporting Countries (OPEC) cut supplies. Developed global equities underperformed emerging market equities. Within emerging markets, China’s equities were weighed down by concerns in the real estate sector, but positive performance in the United Arab Emirates, Turkey and India offset those results.

value stocks. The energy sector was an exception, ending the quarter in negative territory, hampered by falling oil prices. Developed global equities outperformed emerging market equities. Within emerging markets, Chinese equities extended their decline from the prior quarter, but positive performance in other emerging regions, particularly Latin America, offset those results.

Both developed and emerging market equities finished the fiscal year ended December 31, 2023, in positive territory, with developed market equities outperforming emerging market equities.

The Fund’s underperformance compared to the MSCI World Index (the “Index”) for the year ended December 31, 2023 was primarily due to investments in the consumer staples and consumer discretionary sectors which lagged those of the Index over the year. In contrast, the Fund’s lower-than-benchmark weightings in health care and energy – two sectors which lagged over the year – benefited relative performance.

The most significant individual contributors over the year ended December 31, 2023 included Microsoft and Alphabet. Shares in both Microsoft and Alphabet rose over the year on positive investor sentiment that they are well-positioned to benefit from the expected boom in AI and the move towards cloud computing.

The most significant individual detractors during the year ended December 31, 3023 included AIA Group and Sabre. Shares in AIA Group declined due to deteriorating operating profits in 2023 and weakness in stocks with exposure to China. Shares in Sabre declined on operating losses and concerns that the company’s post-pandemic recovery was slower than expected. The Fund’s positions in AIA Group and Sabre were sold over the year.

Effective September 7, 2023, Invesco announced changes to the portfolio manager managing this Fund. Andrew Hall, who manages

the Global Equity Core strategy based in Henley on the Thames, England, assumed the lead portfolio manager role.

Andrew Hall is a Senior Portfolio Manager with 23 years of industry experience. There is no impact to the Fund’s investment objective as a result of this portfolio manager change.

Thank you for your investment in Invesco Global Core Equity Fund.

Portfolio manager(s):

Andrew Hall

See important Fund and, if applicable, index disclosures later in this report.


2		Invesco Global Core Equity Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment – Oldest Share Class(es)

Fund and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including management

fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.


3		Invesco Global Core Equity Fund


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (12/29/00)	5.21	%
10 Years	4.76
5 Years	7.76
1 Year	15.12

Class C Shares
Inception (12/29/00)	5.22	%
10 Years	4.73
5 Years	8.21
1 Year	19.95

Class R Shares
Inception (5/23/11)	5.40	%
10 Years	5.10
5 Years	8.74
1 Year	21.59

Class Y Shares
Inception (10/3/08)	6.30	%
10 Years	5.62
5 Years	9.27
1 Year	22.08

Class R5 Shares
Inception (10/25/05)	5.12	%
10 Years	5.67
5 Years	9.29
1 Year	22.19

Class R6 Shares
10 Years	5.57	%
5 Years	9.36
1 Year	22.27

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.


4		Invesco Global Core Equity Fund

Supplemental Information

Invesco Global Core Equity Fund’s investment objective is long-term growth of capital.

∎	Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

∎	Unless otherwise noted, all data is provided by Invesco.

∎	To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The MSCI World Index^SMis an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎	The Lipper Global Large-Cap Core Funds Index is an unmanaged index considered representative of global large-cap core funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE


5		Invesco Global Core Equity Fund

Fund Information

Portfolio Composition


By sector	% of total net assets

Information Technology		28.53	%

Financials		19.68

Industrials		18.69

Consumer Discretionary		11.31

Health Care		6.60

Consumer Staples		5.73

Communication Services		4.37

Energy		2.05

Materials		1.94

Money Market Funds Plus Other Assets Less Liabilities		1.10

Top 10 Equity Holdings*


		% of total net assets

1.	Microsoft Corp.		5.48	%

2.	Amazon.com, Inc.		3.49

3.	Samsung Electronics Co. Ltd.		3.34

4.	UnitedHealth Group, Inc.		2.93

5.	Berkshire Hathaway, Inc., Class B		2.72

6.	3i Group PLC		2.59

7.	Union Pacific Corp.		2.49

8.	Accenture PLC, Class A		2.41

9.	Constellation Software, Inc.		2.34

10.	Progressive Corp. (The)		2.34

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.


6		Invesco Global Core Equity Fund

Schedule of Investments

December 31, 2023


	Shares		Value


Common Stocks & Other Equity Interests–98.90%
Australia–0.97%
Rio Tinto PLC		74,381	$	5,532,538



Canada–5.35%
Canadian Pacific Kansas City Ltd.		120,118		9,503,921


Constellation Software, Inc.		5,405		13,400,917


Dollarama, Inc.		107,824		7,770,359


				30,675,197



China–2.40%
NetEase, Inc.		335,421		6,051,525


Tencent Holdings Ltd.		204,200		7,709,541


				13,761,066



France–6.24%
Airbus SE		34,299		5,298,797


Hermes International S.C.A.		2,728		5,798,404


L’Oreal S.A.		22,487		11,209,782


LVMH Moet Hennessy Louis Vuitton SE		12,359		10,042,143


TotalEnergies SE		49,696		3,379,277


				35,728,403



India–1.56%
Kotak Mahindra Bank Ltd.		391,068		8,960,361



Ireland–1.46%
Ryanair Holdings PLC, ADR^(a)		62,758		8,369,408



Netherlands–2.15%
ASML Holding N.V.		3,361		2,537,177


IMCD N.V.		56,096		9,769,878


				12,307,055



South Korea–3.34%
Samsung Electronics Co. Ltd.		315,085		19,124,649



Sweden–1.25%
Atlas Copco AB, Class A		415,574		7,160,801



Switzerland–0.82%
Nestle S.A.		40,529		4,698,116



Taiwan–0.82%
Taiwan Semiconductor Manufacturing Co. Ltd.		244,000		4,677,855



United Kingdom–6.15%
3i Group PLC		482,329		14,845,850


Berkeley Group Holdings PLC (The)		136,742		8,163,648


RELX PLC		308,796		12,234,940


				35,244,438



United States–66.39%
Accenture PLC, Class A		39,344		13,806,203

Investment Abbreviations:

ADR – American Depositary Receipt


	Shares		Value


United States–(continued)
Alphabet, Inc., Class A^(a)		80,618	$	11,261,528


Amazon.com, Inc.^(a)		131,432		19,969,778


American Express Co.		62,102		11,634,189


AMETEK, Inc.		39,694		6,545,144


Amphenol Corp., Class A		133,087		13,192,914


Analog Devices, Inc.		66,500		13,204,240


Apple, Inc.		56,342		10,847,525


Berkshire Hathaway, Inc., Class B^(a)		43,688		15,581,762


Broadcom, Inc.		9,703		10,830,974


CME Group, Inc., Class A		40,427		8,513,926


Coca-Cola Co. (The)		179,530		10,579,703


Copart, Inc.^(a)		213,990		10,485,510


Core & Main, Inc., Class A^(a)		35,762		1,445,142


Costco Wholesale Corp.		9,565		6,313,665


Danaher Corp.		44,779		10,359,174


EOG Resources, Inc.		69,056		8,352,323


Fastenal Co.		116,338		7,535,212


Ferguson PLC		13,365		2,580,381


Home Depot, Inc. (The)		37,784		13,094,045


Intuit, Inc.		8,488		5,305,255


JPMorgan Chase & Co.		49,221		8,372,492


Linde PLC		13,493		5,541,710


Markel Group, Inc.^(a)		4,909		6,970,289


Marsh & McLennan Cos., Inc.		15,196		2,879,186


Mastercard, Inc., Class A		29,541		12,599,532


Microsoft Corp.		83,465		31,386,179


Moody’s Corp.		23,011		8,987,176


Motorola Solutions, Inc.		22,354		6,998,814


NVIDIA Corp.		11,726		5,806,950


Old Dominion Freight Line, Inc.		23,141		9,379,742


Progressive Corp. (The)		84,089		13,393,696


Texas Instruments, Inc.		72,463		12,352,043


Thermo Fisher Scientific, Inc.		20,207		10,725,673


Union Pacific Corp.		58,116		14,274,452


UnitedHealth Group, Inc.		31,817		16,750,696


Waste Management, Inc.		13,604		2,436,476


				380,293,699


Total Common Stocks & Other Equity Interests (Cost $493,343,172)				566,533,586



Money Market Funds–1.13%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(b)(c)		3,865,252		3,865,252


Invesco Treasury Portfolio, Institutional Class, 5.26%^(b)(c)		2,576,835		2,576,835


Total Money Market Funds (Cost $6,442,087)				6,442,087


TOTAL INVESTMENTS IN SECURITIES–100.03% (Cost $499,785,259)				572,975,673


OTHER ASSETS LESS LIABILITIES–(0.03)%				(163,111	)


NET ASSETS–100.00%			$	572,812,562

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


7		Invesco Global Core Equity Fund

Notes to Schedule of Investments:

(a)	Non-income producing security.

(b)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value December 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$15,435,683		$ 67,084,962		$ (78,655,393	)		$ -			$ -			$3,865,252		$ 813,518
Invesco Treasury Portfolio, Institutional Class		10,290,456		44,723,308		(52,436,929	)		-			-			2,576,835		541,340
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		10,368,461		83,761,706		(94,130,167	)		-			-			-		407,737*
Invesco Private Prime Fund		26,661,758		170,105,715		(196,755,930	)		(2,561	)		(8,982	)		-		1,097,789*
Total		$62,756,358		$365,675,691		$(421,978,419	)		$(2,561	)		$(8,982	)		$6,442,087		$ 2,860,384

(c)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


8		Invesco Global Core Equity Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:

Investments in unaffiliated securities, at value (Cost $493,343,172)	$	566,533,586


Investments in affiliated money market funds, at value (Cost $6,442,087)		6,442,087


Cash		1,813


Foreign currencies, at value (Cost $80,176)		80,910


Receivable for:
Fund shares sold		111,129


Dividends		1,555,562


Investment for trustee deferred compensation and retirement plans		135,940


Other assets		52,926


Total assets		574,913,953



Liabilities:

Payable for:
Investments purchased		1,115,182


Dividends		22


Fund shares reacquired		338,237


Accrued foreign taxes		85,284


Accrued fees to affiliates		305,274


Accrued other operating expenses		74,628


Trustee deferred compensation and retirement plans		182,764


Total liabilities		2,101,391


Net assets applicable to shares outstanding	$	572,812,562



Net assets consist of:

Shares of beneficial interest	$	497,572,850


Distributable earnings		75,239,712


	$	572,812,562


Net Assets:

Class A	$	538,641,704



Class C	$	3,318,178



Class R	$	1,510,464



Class Y	$	21,948,163



Class R5	$	1,190,419



Class R6	$	6,203,634



Shares outstanding, no par value, with an unlimited number of shares authorized:

Class A		37,551,703


Class C		251,761


Class R		105,729


Class Y		1,528,099


Class R5		81,264


Class R6		423,123


Class A:
Net asset value per share	$	14.34


Maximum offering price per share (Net asset value of $14.34 ÷ 94.50%)	$	15.17


Class C:
Net asset value and offering price per share	$	13.18


Class R:
Net asset value and offering price per share	$	14.29


Class Y:
Net asset value and offering price per share	$	14.36


Class R5:
Net asset value and offering price per share	$	14.65


Class R6:
Net asset value and offering price per share	$	14.66

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


9		Invesco Global Core Equity Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:

Interest	$	179


Dividends (net of foreign withholding taxes of $435,256)		8,351,534


Dividends from affiliated money market funds (includes net securities lending income of $111,755)		1,466,613


Foreign withholding tax claims		2,480


Total investment income		9,820,806



Expenses:

Advisory fees		4,357,289


Administrative services fees		76,552


Custodian fees		16,492


Distribution fees:
Class A		1,300,517


Class C		36,503


Class R		6,879


Transfer agent fees – A, C, R and Y		819,822


Transfer agent fees – R5		983


Transfer agent fees – R6		1,683


Trustees’ and officers’ fees and benefits		22,626


Registration and filing fees		93,320


Reports to shareholders		99,017


Professional services fees		88,665


Other		29,533


Total expenses		6,949,881


Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(269,799	)


Net expenses		6,680,082


Net investment income		3,140,724



Realized and unrealized gain (loss) from:

Net realized gain (loss) from:
Unaffiliated investment securities		14,321,033


Affiliated investment securities		(8,982	)


Foreign currencies		(136,565	)


		14,175,486


Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities (net of foreign taxes of $85,284)		91,651,988


Affiliated investment securities		(2,561	)


Foreign currencies		64,016


		91,713,443


Net realized and unrealized gain		105,888,929


Net increase in net assets resulting from operations	$	109,029,653

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


10		Invesco Global Core Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022


Operations:

Net investment income	$	3,140,724		$	1,830,251



Net realized gain (loss)		14,175,486			(2,600,002	)



Change in net unrealized appreciation (depreciation)		91,713,443			(166,141,087	)


Net increase (decrease) in net assets resulting from operations		109,029,653			(166,910,838	)



Distributions to shareholders from distributable earnings:

Class A		(13,131,252	)		(15,816,476	)



Class C		(77,940	)		(117,254	)



Class R		(32,448	)		(42,683	)



Class Y		(591,459	)		(799,085	)



Class R5		(30,373	)		(29,867	)



Class R6		(169,245	)		(180,021	)


Total distributions from distributable earnings		(14,032,717	)		(16,985,386	)



Share transactions–net:

Class A		(45,659,892	)		(51,359,333	)



Class C		(769,658	)		(954,633	)



Class R		(132,759	)		97,846



Class Y		(3,596,406	)		(4,548,444	)



Class R5		165,486			3,389



Class R6		186,761			(236,257	)


Net increase (decrease) in net assets resulting from share transactions		(49,806,468	)		(56,997,432	)


Net increase (decrease) in net assets		45,190,468			(240,893,656	)



Net assets:

Beginning of year		527,622,094			768,515,750



End of year	$	572,812,562		$	527,622,094

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


11		Invesco Global Core Equity Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/23		$12.07		$0.07			$2.55			$2.62			$(0.04	)		$(0.31	)		$(0.35	)		$14.34		21.79	%		$538,642		1.21	%		1.26	%		0.56	%		107	%
Year ended 12/31/22		16.02		0.04			(3.59	)		(3.55	)		(0.01	)		(0.39	)		(0.40	)		12.07		(22.20	)		495,054		1.22			1.26			0.29			11
Year ended 12/31/21		14.61		0.01			2.26			2.27			(0.13	)		(0.73	)		(0.86	)		16.02		15.68			718,327		1.22			1.22			0.06			23
Year ended 12/31/20		15.66		0.14			1.78			1.92			(0.03	)		(2.94	)		(2.97	)		14.61		12.63			686,612		1.22			1.28			0.92			126
Year ended 12/31/19		12.73		0.19			2.93			3.12			(0.19	)		–			(0.19	)		15.66		24.53			709,829		1.22			1.28			1.33			24
Class C
Year ended 12/31/23		11.16		(0.02	)		2.35			2.33			–			(0.31	)		(0.31	)		13.18		20.95			3,318		1.96			2.01			(0.19	)		107
Year ended 12/31/22		14.96		(0.06	)		(3.35	)		(3.41	)		–			(0.39	)		(0.39	)		11.16		(22.81	)		3,462		1.97			2.01			(0.46	)		11
Year ended 12/31/21		13.67		(0.10	)		2.12			2.02			–			(0.73	)		(0.73	)		14.96		14.90			5,778		1.97			1.97			(0.69	)		23
Year ended 12/31/20		14.94		0.02			1.68			1.70			(0.03	)		(2.94	)		(2.97	)		13.67		11.75			6,307		1.97			2.03			0.17			126
Year ended 12/31/19		12.10		0.08			2.79			2.87			(0.03	)		–			(0.03	)		14.94		23.74			14,290		1.97			2.03			0.58			24
Class R
Year ended 12/31/23		12.02		0.04			2.55			2.59			(0.01	)		(0.31	)		(0.32	)		14.29		21.59			1,510		1.46			1.51			0.31			107
Year ended 12/31/22		16.00		0.01			(3.60	)		(3.59	)		–			(0.39	)		(0.39	)		12.02		(22.45	)		1,403		1.47			1.51			0.04			11
Year ended 12/31/21		14.58		(0.03	)		2.27			2.24			(0.09	)		(0.73	)		(0.82	)		16.00		15.49			1,732		1.47			1.47			(0.19	)		23
Year ended 12/31/20		15.68		0.10			1.77			1.87			(0.03	)		(2.94	)		(2.97	)		14.58		12.28			1,845		1.47			1.53			0.67			126
Year ended 12/31/19		12.72		0.16			2.94			3.10			(0.14	)		–			(0.14	)		15.68		24.38			1,963		1.47			1.53			1.08			24
Class Y
Year ended 12/31/23		12.09		0.11			2.55			2.66			(0.08	)		(0.31	)		(0.39	)		14.36		22.08			21,948		0.96			1.01			0.81			107
Year ended 12/31/22		16.06		0.07			(3.60	)		(3.53	)		(0.05	)		(0.39	)		(0.44	)		12.09		(21.99	)		21,797		0.97			1.01			0.54			11
Year ended 12/31/21		14.64		0.05			2.27			2.32			(0.17	)		(0.73	)		(0.90	)		16.06		15.97			34,582		0.97			0.97			0.31			23
Year ended 12/31/20		15.64		0.17			1.80			1.97			(0.03	)		(2.94	)		(2.97	)		14.64		12.96			32,476		0.97			1.03			1.17			126
Year ended 12/31/19		12.71		0.23			2.93			3.16			(0.23	)		–			(0.23	)		15.64		24.87			34,547		0.97			1.03			1.58			24
Class R5
Year ended 12/31/23		12.32		0.11			2.62			2.73			(0.09	)		(0.31	)		(0.40	)		14.65		22.19			1,190		0.95			0.96			0.82			107
Year ended 12/31/22		16.37		0.08			(3.68	)		(3.60	)		(0.06	)		(0.39	)		(0.45	)		12.32		(22.02	)		857		0.95			0.95			0.56			11
Year ended 12/31/21		14.90		0.06			2.31			2.37			(0.17	)		(0.73	)		(0.90	)		16.37		16.05			1,125		0.93			0.93			0.35			23
Year ended 12/31/20		15.88		0.18			1.81			1.99			(0.03	)		(2.94	)		(2.97	)		14.90		12.89			1,004		0.95			0.95			1.19			126
Year ended 12/31/19		12.90		0.24			2.97			3.21			(0.23	)		–			(0.23	)		15.88		24.92			755		0.95			0.95			1.60			24
Class R6
Year ended 12/31/23		12.33		0.12			2.62			2.74			(0.10	)		(0.31	)		(0.41	)		14.66		22.27			6,204		0.88			0.89			0.89			107
Year ended 12/31/22		16.39		0.09			(3.69	)		(3.60	)		(0.07	)		(0.39	)		(0.46	)		12.33		(21.99	)		5,048		0.88			0.88			0.63			11
Year ended 12/31/21		14.91		0.07			2.32			2.39			(0.18	)		(0.73	)		(0.91	)		16.39		16.17			6,971		0.87			0.87			0.41			23
Year ended 12/31/20		15.88		0.19			1.81			2.00			(0.03	)		(2.94	)		(2.97	)		14.91		12.95			6,581		0.89			0.89			1.25			126
Year ended 12/31/19		12.90		0.24			2.98			3.22			(0.24	)		–			(0.24	)		15.88		24.98			7,085		0.90			0.90			1.65			24

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.


12		Invesco Global Core Equity Fund

Notes to Financial Statements

December 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Global Core Equity Fund (the “Fund”) is a series portfolio of AIM Funds Group (Invesco Funds Group) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.


13		Invesco Global Core Equity Fund

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign withholding tax claims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.


14		Invesco Global Core Equity Fund

loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2023, the Fund paid the Adviser $8,251 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

L.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate


First $ 250 million		0.800%


Next $250 million		0.780%


Next $500 million		0.760%


Next $1.5 billion		0.740%


Next $2.5 billion		0.720%


Next $2.5 billion		0.700%


Next $2.5 billion		0.680%


Over $10 billion		0.660%

For the year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.79%.


15		Invesco Global Core Equity Fund

“Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through April 30, 2024, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.22%, 1.97%, 1.47%, 0.97%, 0.97% and 0.97%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. Effective May 1, 2024, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets.

For the year ended December 31, 2023, the Adviser waived advisory fees of $31,498 and reimbursed class level expenses of $213,114, $1,480, $568, $8,866, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2023, IDI advised the Fund that IDI retained $11,765 in front-end sales commissions from the sale of Class A shares and $387 and $55 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2023, the Fund incurred $14,014 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


		Level 1 -		Prices are determined using quoted prices in an active market for identical assets.
		Level 2 -		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
		Level 3 -		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


16		Invesco Global Core Equity Fund


	Level 1		Level 2		Level 3		Total


Investments in Securities


Australia	$	–	$	5,532,538		$–	$	5,532,538


Canada		30,675,197		–		–		30,675,197


China		–		13,761,066		–		13,761,066


France		–		35,728,403		–		35,728,403


India		–		8,960,361		–		8,960,361


Ireland		8,369,408		–		–		8,369,408


Netherlands		–		12,307,055		–		12,307,055


South Korea		–		19,124,649		–		19,124,649


Sweden		–		7,160,801		–		7,160,801


Switzerland		–		4,698,116		–		4,698,116


Taiwan		–		4,677,855		–		4,677,855


United Kingdom		–		35,244,438		–		35,244,438


United States		380,293,699		–		–		380,293,699


Money Market Funds		6,442,087		–		–		6,442,087


Total Investments	$	425,780,391	$	147,195,282		$–	$	572,975,673

NOTE 4–Expense Offset Arrangement(s)

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

NOTE 7–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:


	2023		2022


Ordinary income*	$	8,655,862	$	1,889,631


Long-term capital gain		5,376,855		15,095,755


Total distributions	$	14,032,717	$	16,985,386

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Undistributed ordinary income	$	5,435,515


Net unrealized appreciation – investments		69,894,901


Net unrealized appreciation – foreign currencies		42,755


Temporary book/tax differences		(133,459	)


Shares of beneficial interest		497,572,850


Total net assets	$	572,812,562


17		Invesco Global Core Equity Fund

The Fund does not have a capital loss carryforward as of December 31, 2023.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $561,569,535 and $595,669,164, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	72,955,385



Aggregate unrealized (depreciation) of investments		(3,060,484	)



Net unrealized appreciation of investments	$	69,894,901

Cost of investments for tax purposes is $503,080,772.

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2023, undistributed net investment income was decreased by $144,023 and undistributed net realized gain (loss) was increased by $144,023. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

NOTE 10–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount


Sold:
Class A		437,781		$	5,849,090			445,928		$	5,911,040


Class C		159,779			1,954,303			51,160			625,875


Class R		33,213			441,246			24,492			322,326


Class Y		281,164			3,747,005			347,245			4,615,673


Class R5		15,003			208,448			10,280			138,545


Class R6		83,528			1,130,528			41,717			571,050



Issued as reinvestment of dividends:
Class A		841,014			11,908,757			1,195,268			14,414,935


Class C		5,700			74,161			10,109			112,815


Class R		2,301			32,448			3,551			42,683


Class Y		32,870			466,094			52,332			632,167


Class R5		2,081			30,096			2,399			29,557


Class R6		11,065			160,117			14,062			173,384



Automatic conversion of Class C shares to Class A shares:
Class A		44,400			595,009			37,843			502,499


Class C		(48,183	)		(595,009	)		(40,678	)		(502,499	)



Reacquired:
Class A		(4,786,814	)		(64,012,748	)		(5,491,960	)		(72,187,807	)


Class C		(175,747	)		(2,203,113	)		(96,648	)		(1,190,824	)


Class R		(46,486	)		(606,453	)		(19,628	)		(267,163	)


Class Y		(589,242	)		(7,809,505	)		(749,072	)		(9,796,284	)


Class R5		(5,391	)		(73,058	)		(11,844	)		(164,713	)


Class R6		(80,677	)		(1,103,884	)		(71,938	)		(980,691	)


Net increase (decrease) in share activity		(3,782,641	)	$	(49,806,468	)		(4,245,382	)	$	(56,997,432	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.


18		Invesco Global Core Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Funds Group (Invesco Funds Group) and Shareholders of Invesco Global Core Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Core Equity Fund (one of the funds constituting AIM Funds Group (Invesco Funds Group), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024


19		Invesco Global Core Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,072.20	$6.37	$1,019.06	$6.21	1.22%
Class C	1,000.00	1,068.80	10.27	1,015.27	10.01	1.97
Class R	1,000.00	1,071.50	7.68	1,017.80	7.48	1.47
Class Y	1,000.00	1,073.40	5.07	1,020.32	4.94	0.97
Class R5	1,000.00	1,073.80	5.07	1,020.32	4.94	0.97
Class R6	1,000.00	1,073.70	4.70	1,020.67	4.58	0.90

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.


20		Invesco Global Core Equity Fund

Tax Information

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that

should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:


Federal and State Income Tax
Long-Term Capital Gain Distributions	$5,376,855
Qualified Dividend Income*	68.82	%
Corporate Dividends Received Deduction*	36.63	%
U.S. Treasury Obligations*	0.00	%
Qualified Business Income*	0.00	%
Business Interest Income*	0.00	%

* The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

Non-Resident Alien Shareholders
Short-Term Capital Gain Distributions	$6,946,868


21		Invesco Global Core Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.


T-1		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP
James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School


T-2		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America


T-3		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A


T-4		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom - 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A


T-5		Invesco Global Core Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801


T-6		Invesco Global Core Equity Fund

LOGO

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Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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SEC file number(s): 811-01540 and 002-27334		Invesco Distributors, Inc.		GCE-AR-1

LOGO

Annual Report to Shareholders

December 31, 2023

Invesco Small Cap Equity Fund

Nasdaq:

A: SMEAX ∎ C: SMECX ∎ R: SMERX ∎ Y: SMEYX ∎ R5: SMEIX ∎ R6: SMEFX


2		Management’s Discussion

2		Performance Summary

4		Long-Term Fund Performance

6		Supplemental Information

8		Schedule of Investments

11		Financial Statements

14		Financial Highlights

15		Notes to Financial Statements

22		Report of Independent Registered Public Accounting Firm

23		Fund Expenses

24		Tax Information

T-1		Trustees and Officers

Management’s Discussion of Fund Performance

Performance summary

For the fiscal year ended December 31, 2023, Class A shares of Invesco Small Cap Equity Fund (the Fund), at net asset value (NAV), underperformed the Russell 2000 Index, the Fund’s style-specific benchmark.

Your Fund’s long-term performance appears later in this report.

Fund vs. Indexes


Class A Shares	15.96	%
Class C Shares	15.28
Class R Shares	15.73
Class Y Shares	16.23
Class R5 Shares	16.43
Class R6 Shares	16.58
S&P 500 Index^q(Broad Market Index)	26.29
Russell 2000 Index^q(Style-Specific Index)	16.93
Lipper Small-Cap Core Funds Index ^∎(Peer Group Index)	16.15
Source(s): ^qRIMES Technologies Corp.; ^∎ Lipper Inc.

Market conditions and your Fund

US equities managed to deliver gains in the first quarter of 2023 despite significant volatility and a banking crisis. A January rally gave way to a February selloff, as higher-than-expected inflation, a tight labor market and solid economic growth indicated that the US Federal Reserve’s (the Fed’s) monetary policy would remain tight for the foreseeable future, raising the risk of a deeper than expected recession. In March, the failure of two US regional banks, Silicon Valley Bank and Signature Bank, prompted steep losses in the banking sector. The subsequent takeover of Credit Suisse and ongoing fear that bank troubles would spread sent investors to safe-haven assets, sparking a bond rally, particularly among securities at the short end of the yield curve. With instability in the banking sector, the Fed raised the federal funds rate by only 0.25% in February 2023 and again in March.¹ The Fed’s actions to stabilize the banking system in March sent markets higher, so equities were surprisingly resilient despite the turmoil.

The US economy and equity markets remained resilient in the second quarter of 2023, as milder inflation data and better-than-expected corporate earnings supported equities, with most major indexes posting gains for the quarter and with some big tech names providing optimistic future guidance. Following the March banking crisis, markets stabilized in April, as corporate earnings season got underway with many companies surprising consensus earnings and revenue

estimates. Facing persistently strong employment data, the Fed raised the federal funds rate by 0.25% at its May meeting,¹ but left rates unchanged at its June meeting, giving investors the long-awaited “pause” in rate hikes, which sent equities broadly higher.

Equity markets declined in the third quarter and into October 2023 as a resilient US economy complicated the Fed’s efforts to tame inflation. While inflation has slowed from its peak in 2022, the Consumer Price Index (CPI) rose by 0.2% in July, and the 12-month headline inflation rate rose to 3.2% from 3% in June.² Due to the persistence of inflation, the Fed raised the federal funds rate again in July by 0.25%. The CPI data released in September was higher-than-expected and the overall US labor market remained tight with unemployment near historic lows. At the same time the third quarter year-over-year Gross Domestic Product (GDP) estimate was 4.9%, far above expectations.² Despite the higher-than-expected GDP for the third quarter of 2023, the Fed held interest rates steady at its September and October meetings, but left open the possibility of another rate hike before the end of the calendar year.¹

US equity markets posted strong gains in the fourth quarter of 2023 as investors anticipated the potential end of interest rate hikes by the Fed. Inflation slowed during the period as the CPI 12-month headline inflation rate fell to 3.1% in November from 3.7% in September, significantly below the 2022 peak.² The Fed kept rates steady at its mid-

December meeting and indicated that three rate cuts are expected in 2024. Fed chairman Powell noted that “the Fed’s policy rate is likely at or near its peak for this tightening cycle,” which prompted a strong equity rally into year end and the yield on the 10-year US Treasury to fall from nearly 5% in October to below 4%.³

Despite higher rates and increased market volatility, US stocks for the fiscal year had positive returns of 26.29%, as measured by the S&P 500 Index.⁴

Given this environment, the Fund produced a strong absolute return but slightly underperformed its style-specific benchmark net of fees. The markets experienced three sharp rallies and two sharp downdrafts in 2023 driven by mixed macro-economic indicators suggesting the economy was slowing and inflation was cooling, however, the labor market remained strong and excess savings sustained healthy consumer spending trends. The Fund held up better during the downdrafts due to exposure to defensive areas of the market and higher quality, larger small cap size biases. The Fund’s tilt towards companies with higher earnings growth also drove strong upside performance resulting in one year performance results that closely tracked the benchmark. At a sector level the leading detractors from relative results included stock selection in consumer discretionary, materials and information technology. An overweight in the financials sector also detracted, as did the Fund’s ancillary cash position given market strength during the year. Alternatively, sector level contributors included stock selection in health care, energy, consumer staples, and real estate. Fund underweights in the health care and real estate sectors also drove positive relative performance.

Top individual contributors to the Fund’s absolute performance during the year included Vertiv Holdings, Weather-ford International and Taylor Morrison Home.

Vertiv Holdings manufactures precision cooling and infrastructure management systems for computers and other digital enablement hardware. Solid fundamental results throughout the year drove the share price higher as company management executed at a high level delivering on strong organic revenue growth, free-cash-flows and earnings per share. Given Vertiv’s data center exposure, the artificial intelligence dominated news

2 Invesco Small Cap Equity Fund

cycle during the year was also a tailwind for its share price. We sold Vertiv during the year.

Weatherford International provides equipment and services to the oil and natural gas exploration and production industry. Higher energy prices and strong fundamental results were a significant driver of performance as revenue and profitability were better than expected on a year-over-year basis. The oilfield services company is also seeing a recovery on the supply side as logistical headwinds slowly improved along with increasing offshore activity.

Taylor Morrison Home along with other US homebuilders enjoyed a solid year of performance in 2023 and have benefited from stronger-than-expected increases in home prices amid declining housing inventories. Later in the year Taylor Morrison benefited from an improving macroeconomic environment for builders and home buyers alike given the growing potential for interest rate cuts in 2024.

Top individual detractors from the Fund’s absolute performance included Foot Locker, Silicon Laboratories and MaxLinear.

Investors in Foot Locker began the year optimistic about the growth prospects for its new management team, however, the company faced stiff cyclical headwinds resulting in a sharp decrease in customer traffic coupled with increased competitive intensity. The company’s elevated inventory position relative to its sales growth also signaled that the recovery opportunity wouldn’t begin until well into 2024. As a result, we elected to exit our position.

A challenging macro-economic backdrop resulting in slower sales as companies became more cautious about technology spending weighed on Silicon Laboratories fundamental and performance results. Company management also needed to lower guidance more than expected throughout the year adding more pressure to the semiconductor company’s share price. We sold Silicon Laboratories during the year.

Semiconductor company, MaxLinear, also experienced a challenging year due to the macroeconomic backdrop as well as weak semiconductor demand and high inventory levels. The ensuing fundamental reports and weaker-than expected-forward guidance all weighed on performance results in 2023.

The labor market has remained healthy, although interest rate increases have managed to slow the economy and

cool inflation. Interestingly, despite the higher interest rates and a slowing economy, consumption has remained steady. This can be attributed to the strong job market and elevated consumer savings, which have served as a buffer. Forecasting a recession in this scenario is no easy task. The labor market’s resilience and the cushion provided by excess savings are counterbalancing the negative macro-economic indicators. The market rally in the fourth quarter of 2023, albeit of low quality, supports the notion that the Fed has successfully navigated the economy to a soft landing. It also suggests that the Fed has completed its cycle of raising interest rates and may now be in a position to shift towards easing monetary policy. The market seems to be in a position to continue its upward trajectory, however, we remain cautious. We’ve scaled back some of our defensive positioning and introduced more cyclicality, but we’re also aware of potential risks, so we seek to maintain a balanced approach to positioning. From a secular perspective, we view AI as a significant technology trend with wide-ranging implications for technology investment, employment and productivity enhancements.

Thank you for your commitment to the Invesco Small Cap Equity Fund and for sharing our long-term investment horizon.

1	Source: US Federal Reserve

2	Source: US Bureau of Labor Statistics

3	Source: Bloomberg LP

4	Source: Lipper Inc.

Portfolio manager(s):

Juan Hartsfield - Lead

Davis Paddock

See important Fund and, if applicable, index disclosures later in this report.

3 Invesco Small Cap Equity Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment — Oldest Share Class(es)

Fund and index data from 12/31/13

LOGO

1	Source: RIMES Technologies Corp.

2	Source: Lipper Inc.

Past performance cannot guarantee future results.

The data shown in the chart include reinvested distributions, applicable sales charges and Fund expenses including

management fees. Index results include reinvested dividends, but they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses and management fees;

performance of a market index does not. Performance shown in the chart does not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

4 Invesco Small Cap Equity Fund


Average Annual Total Returns
As of 12/31/23, including maximum applicable sales charges

Class A Shares
Inception (8/31/00)	7.06	%
10 Years	5.70
5 Years	10.89
1 Year	9.60

Class C Shares
Inception (8/31/00)	7.05	%
10 Years	5.66
5 Years	11.32
1 Year	14.28

Class R Shares
Inception (6/3/02)	7.39	%
10 Years	6.04
5 Years	11.87
1 Year	15.73

Class Y Shares
Inception (10/3/08)	9.20	%
10 Years	6.56
5 Years	12.42
1 Year	16.23

Class R5 Shares
Inception (4/29/05)	8.65	%
10 Years	6.73
5 Years	12.60
1 Year	16.43

Class R6 Shares
Inception (9/24/12)	9.20	%
10 Years	6.81
5 Years	12.68
1 Year	16.58

The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

5 Invesco Small Cap Equity Fund

Supplemental Information

Invesco Small Cap Equity Fund’s investment objective is long-term growth of capital.

∎ Unless otherwise stated, information presented in this report is as of December 31, 2023, and is based on total net assets.

∎ Unless otherwise noted, all data is provided by Invesco.

∎ To access your Fund’s reports/prospectus, visit invesco.com/fundreports.

About indexes used in this report

∎	The S&P 500^®Index is an unmanaged index considered representative of the US stock market.

∎	The Russell 2000^®Index is an unmanaged index considered representative of small-cap stocks. The Russell 2000 Index is a trademark/service mark of the Frank Russell Co. Russell^®is a trademark of the Frank Russell Co.

∎	The Lipper Small-Cap Core Funds Index is an unmanaged index considered representative of small-cap core funds tracked by Lipper.

∎	The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).

∎	A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.


This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.


NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

6 Invesco Small Cap Equity Fund

Fund Information


Portfolio Composition
By sector	% of total net assets

Industrials		21.11%

Financials		20.07

Information Technology		15.51

Health Care		12.54

Consumer Discretionary		10.60

Energy		5.52

Materials		5.07

Real Estate		3.67

Consumer Staples		2.57

Other Sectors, Each Less than 2% of Net Assets		2.20

Money Market Funds Plus Other Assets Less Liabilities		1.14

Top 10 Equity Holdings*


		% of total net assets

1.	Taylor Morrison Home Corp., Class A	2.01%
2.	Summit Materials, Inc., Class A	1.88
3.	Weatherford International PLC	1.83
4.	Sprouts Farmers Market, Inc.	1.62
5.	ITT, Inc.	1.59
6.	Curtiss-Wright Corp.	1.52
7.	Applied Industrial Technologies, Inc.	1.51
8.	Pinnacle Financial Partners, Inc.	1.51
9.	XPO, Inc.	1.48
10.	Acushnet Holdings Corp.	1.39

The Fund’s holdings are subject to change, and there is no assurance that the Fund will continue to hold any particular security.

*	Excluding money market fund holdings, if any.

Data presented here are as of December 31, 2023.

7 Invesco Small Cap Equity Fund

Schedule of Investments^(a)

December 31, 2023


	Shares		Value
Common Stocks & Other Equity Interests–98.86%
Aerospace & Defense–1.96%
Curtiss-Wright Corp.		60,374	$	13,450,723


Leonardo DRS, Inc.^(b)		197,301		3,953,912


				17,404,635



Alternative Carriers–0.70%
Iridium Communications, Inc.		150,142		6,179,845



Apparel, Accessories & Luxury Goods–1.96%
Kontoor Brands, Inc.^(c)		144,953		9,047,966


Oxford Industries, Inc.^(c)		83,046		8,304,600


				17,352,566



Application Software–6.20%
Blackbaud, Inc.^(b)		97,226		8,429,494


Descartes Systems Group, Inc. (The) (Canada)^(b)		109,210		9,180,193


Manhattan Associates, Inc.^(b)		20,217		4,353,124


PowerSchool Holdings, Inc., Class A^(b)(c)		451,639		10,640,615


PROS Holdings, Inc.^(b)(c)		162,702		6,311,211


Q2 Holdings, Inc.^(b)		200,295		8,694,806


Workiva, Inc.^(b)(c)		72,931		7,404,684


				55,014,127



Automotive Parts & Equipment–0.98%
Visteon Corp.^(b)		69,335		8,659,941



Biotechnology–1.98%
Ascendis Pharma A/S, ADR (Denmark)^(b)		46,081		5,803,902


Karuna Therapeutics, Inc.^(b)		16,869		5,339,207


Natera, Inc.^(b)		102,058		6,392,913


				17,536,022



Broadline Retail–1.22%
Ollie’s Bargain Outlet Holdings, Inc.^(b)		142,626		10,823,887



Building Products–2.02%
Griffon Corp.		160,486		9,781,621


Masonite International Corp.^(b)		95,589		8,092,565


				17,874,186



Cargo Ground Transportation–2.55%
Knight-Swift Transportation Holdings, Inc.		164,144		9,462,902


XPO, Inc.^(b)		149,804		13,121,332


				22,584,234



Commercial & Residential Mortgage Finance–3.01%
Essent Group Ltd.		159,136		8,392,833


Mr. Cooper Group, Inc.^(b)		153,451		9,992,729


Radian Group, Inc.		291,726		8,328,777


				26,714,339


	Shares		Value
Construction & Engineering–2.03%
Comfort Systems USA, Inc.		42,700	$	8,782,109


WillScot Mobile Mini Holdings Corp.^(b)		207,305		9,225,072


				18,007,181



Construction Materials–1.88%
Summit Materials, Inc., Class A^(b)		434,186		16,698,794



Electrical Components & Equipment–2.24%
EnerSys		101,811		10,278,839


Nextracker, Inc., Class A^(b)(c)		205,253		9,616,103


				19,894,942



Electronic Equipment & Instruments–0.48%
Badger Meter, Inc.		27,711		4,277,747



Electronic Manufacturing Services–1.08%
Flex Ltd.^(b)		314,240		9,571,750



Environmental & Facilities Services–1.52%
Casella Waste Systems, Inc., Class A^(b)		104,512		8,931,595


Montrose Environmental Group, Inc.^(b)		141,166		4,535,664


				13,467,259



Financial Exchanges & Data–1.36%
TMX Group Ltd. (Canada)		496,685		12,013,701



Food Retail–1.62%
Sprouts Farmers Market, Inc.^(b)(c)		299,253		14,397,062



Gas Utilities–0.70%
ONE Gas, Inc.^(c)		97,187		6,192,756



Health Care Equipment–3.59%
AtriCure, Inc.^(b)		78,533		2,802,843


CONMED Corp.^(c)		91,480		10,017,975


Enovis Corp.^(b)(c)		134,912		7,557,770


iRhythm Technologies, Inc.^(b)(c)		52,499		5,619,493


QuidelOrtho Corp.^(b)(c)		79,055		5,826,353


				31,824,434



Health Care Facilities–2.43%
Encompass Health Corp.		139,719		9,322,052


Tenet Healthcare Corp.^(b)		161,815		12,228,359


				21,550,411



Health Care Services–1.21%
NeoGenomics, Inc.^(b)(c)		380,836		6,161,927


R1 RCM, Inc.^(b)(c)		434,565		4,593,352


				10,755,279



Health Care Supplies–0.65%
OrthoPediatrics Corp.^(b)(c)		176,807		5,747,996

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8 Invesco Small Cap Equity Fund


	Shares		Value
Health Care Technology–0.89%
Simulations Plus, Inc.^(c)		176,033	$	7,877,477



Homebuilding–2.01%
Taylor Morrison Home Corp., Class A^(b)		333,792		17,807,803



Hotels, Resorts & Cruise Lines–1.05%
Travel + Leisure Co.		238,281		9,314,404



Human Resource & Employment Services–0.88%
Alight, Inc., Class A^(b)(c)		919,681		7,844,879



Industrial Machinery & Supplies & Components–4.25%
Chart Industries, Inc.^(b)(c)		47,113		6,422,915


Gates Industrial Corp. PLC^(b)		622,806		8,358,057


ITT, Inc.		118,201		14,103,743


Timken Co. (The)		109,497		8,776,185


				37,660,900



Industrial REITs–2.38%
EastGroup Properties, Inc.		60,758		11,151,523


STAG Industrial, Inc.		253,318		9,945,265


				21,096,788



Investment Banking & Brokerage–2.37%
Jefferies Financial Group, Inc.		228,837		9,247,303


Piper Sandler Cos.		67,360		11,779,243


				21,026,546



IT Consulting & Other Services–1.11%
Endava PLC, ADR (United Kingdom)^(b)		125,967		9,806,531



Leisure Products–1.39%
Acushnet Holdings Corp.^(c)		195,608		12,356,557



Life Sciences Tools & Services–1.79%
CryoPort, Inc.^(b)(c)		390,066		6,042,122


Quanterix Corp.^(b)		361,056		9,871,271


				15,913,393



Oil & Gas Equipment & Services–2.82%
Cactus, Inc., Class A		194,647		8,836,974


Weatherford International PLC^(b)		165,319		16,173,158


				25,010,132



Oil & Gas Exploration & Production–2.70%
Matador Resources Co.^(c)		168,770		9,596,262


Permian Resources Corp.^(c)		577,884		7,859,223


Southwestern Energy Co.^(b)		985,629		6,455,870


				23,911,355



Other Specialized REITs–1.29%
Gaming and Leisure Properties, Inc.		231,766		11,437,652



Packaged Foods & Meats–0.95%
Simply Good Foods Co. (The)^(b)(c)		211,802		8,387,359



Paper & Plastic Packaging Products & Materials–1.17%
Graphic Packaging Holding Co.		420,361		10,361,899


	Shares		Value
Property & Casualty Insurance–1.12%
RLI Corp.		74,646	$	9,936,876



Regional Banks–10.30%
Banc of California, Inc.		675,376		9,070,300


Cullen/Frost Bankers, Inc.		98,618		10,699,067


First Financial Bankshares, Inc.^(c)		333,130		10,093,839


Glacier Bancorp, Inc.^(c)		205,600		8,495,392


Pacific Premier Bancorp, Inc.		306,995		8,936,624


Pinnacle Financial Partners, Inc.		152,892		13,335,240


SouthState Corp.^(c)		122,810		10,371,305


Webster Financial Corp.		224,378		11,389,427


Western Alliance Bancorporation		135,198		8,894,676


				91,285,870



Reinsurance–0.90%
Reinsurance Group of America, Inc.		49,446		7,999,374



Research & Consulting Services–0.87%
CACI International, Inc., Class A^(b)		23,933		7,750,941



Restaurants–1.99%
Bloomin’ Brands, Inc.^(c)		362,596		10,207,078


Papa John’s International, Inc.^(c)		97,518		7,433,797


				17,640,875



Semiconductor Materials & Equipment–1.68%
Ichor Holdings Ltd.^(b)(c)		149,199		5,017,562


MKS Instruments, Inc.		96,230		9,899,180


				14,916,742



Semiconductors–2.75%
Diodes, Inc.^(b)		114,529		9,221,875


Lattice Semiconductor Corp.^(b)		147,833		10,198,999


MaxLinear, Inc.^(b)		209,247		4,973,801


				24,394,675



Specialty Chemicals–2.02%
Ashland, Inc.		107,395		9,054,473


Innospec, Inc.		72,117		8,887,699


				17,942,172



Systems Software–1.27%
Commvault Systems, Inc.^(b)		140,520		11,220,522



Technology Distributors–0.94%
Avnet, Inc.		166,242		8,378,597



Trading Companies & Distributors–2.79%
Applied Industrial Technologies, Inc.		77,480		13,380,021


Core & Main, Inc., Class A^(b)		280,352		11,329,025


				24,709,046



Transaction & Payment Processing Services–1.01%
Shift4 Payments, Inc., Class A^(b)(c)		119,962		8,917,975

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9 Invesco Small Cap Equity Fund


	Shares		Value
Water Utilities–0.80%
SJW Group		108,338	$	7,079,888


Total Common Stocks & Other Equity Interests (Cost $704,289,595)				876,530,322



Money Market Funds–1.24%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%^(d)(e)		3,842,581		3,842,581


Invesco Liquid Assets Portfolio, Institutional Class, 5.47%^(d)(e)		2,744,559		2,746,481


Invesco Treasury Portfolio, Institutional Class, 5.26%^(d)(e)		4,391,521		4,391,521


Total Money Market Funds (Cost $10,979,087)				10,980,583


TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $715,268,682)				887,510,905


	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–19.01%
Invesco Private Government Fund, 5.32%^(d)(e)(f)		46,131,494	$	46,131,494


Invesco Private Prime Fund, 5.55%^(d)(e)(f)		122,315,164		122,400,784


Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $168,501,448)				168,532,278


TOTAL INVESTMENTS IN SECURITIES–119.11% (Cost $883,770,130)				1,056,043,183


OTHER ASSETS LESS LIABILITIES–(19.11)%				(169,433,757	)


NET ASSETS–100.00%			$	886,609,426

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at December 31, 2023.

^(d)


	Value December 31, 2022		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value December 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$ 6,573,636		$ 71,770,089		$ (74,501,144)		$ -		$ -		$ 3,842,581		$ 329,657
Invesco Liquid Assets Portfolio, Institutional Class		4,690,902		51,264,349		(53,211,630)		(300)		3,160		2,746,481		240,901
Invesco Treasury Portfolio, Institutional Class		7,512,727		82,022,958		(85,144,164)		-		-		4,391,521		376,258
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		41,664,730		293,916,764		(289,450,000)		-		-		46,131,494		1,828,835*
Invesco Private Prime Fund		107,137,875		577,007,882		(561,777,690)		10,105		22,612		122,400,784		4,939,184*
Total		$167,579,870		$1,075,982,042		$(1,064,084,628)		$ 9,805		$25,772		$179,512,861		$7,714,835

^(e)	The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10 Invesco Small Cap Equity Fund

Statement of Assets and Liabilities

December 31, 2023


Assets:
Investments in unaffiliated securities, at value (Cost $704,289,595)*			$ 876,530,322


Investments in affiliated money market funds, at value (Cost $179,480,535)			179,512,861


Cash			27,887


Foreign currencies, at value (Cost $150)			154


Receivable for:
Investments sold			1,693,932


Fund shares sold			2,716,254


Dividends			438,819


Investment for trustee deferred compensation and retirement plans			127,172


Other assets			55,451


Total assets			1,061,102,852



Liabilities:
Payable for:
Investments purchased			3,248,465


Fund shares reacquired			2,017,686


Collateral upon return of securities loaned			168,501,448


Accrued fees to affiliates			492,387


Accrued other operating expenses			97,241


Trustee deferred compensation and retirement plans			136,199


Total liabilities			174,493,426


Net assets applicable to shares outstanding			$ 886,609,426



Net assets consist of:
Shares of beneficial interest			$ 670,482,713


Distributable earnings			216,126,713


			$ 886,609,426


Net Assets:
Class A	$	548,978,094


Class C	$	11,982,247


Class R	$	53,782,515


Class Y	$	64,657,341


Class R5	$	24,448,026


Class R6	$	182,761,203

Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		41,116,444


Class C		1,447,949


Class R		4,578,169


Class Y		4,498,385


Class R5		1,521,800


Class R6		11,220,848


Class A:
Net asset value per share	$	13.35


Maximum offering price per share (Net asset value of $13.35 ÷ 94.50%)	$	14.13


Class C:
Net asset value and offering price per share	$	8.28


Class R:
Net asset value and offering price per share	$	11.75


Class Y:
Net asset value and offering price per share	$	14.37


Class R5:
Net asset value and offering price per share	$	16.07


Class R6:
Net asset value and offering price per share	$	16.29

*	At December 31, 2023, securities with an aggregate value of $156,401,253 were on loan to brokers.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11 Invesco Small Cap Equity Fund

Statement of Operations

For the year ended December 31, 2023


Investment income:
Dividends (net of foreign withholding taxes of $39,592)	$	8,442,679


Dividends from affiliated money market funds (includes net securities lending income of $191,999)		1,138,815


Total investment income		9,581,494



Expenses:
Advisory fees		6,265,557


Administrative services fees		121,666


Custodian fees		8,955


Distribution fees:
Class A		1,315,666


Class C		118,639


Class R		249,573


Transfer agent fees – A, C, R and Y		1,419,741


Transfer agent fees – R5		21,791


Transfer agent fees – R6		57,461


Trustees’ and officers’ fees and benefits		23,896


Registration and filing fees		115,632


Reports to shareholders		155,331


Professional services fees		65,760


Other		19,712


Total expenses		9,959,380


Less: Fees waived and/or expense offset arrangement(s)		(40,151	)


Net expenses		9,919,229


Net investment income (loss)		(337,735	)



Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(360,883))		48,884,194


Affiliated investment securities		25,772


Foreign currencies		(316	)


		48,909,650


Change in net unrealized appreciation of:
Unaffiliated investment securities		78,545,032


Affiliated investment securities		9,805


Foreign currencies		6


		78,554,843


Net realized and unrealized gain		127,464,493


Net increase in net assets resulting from operations	$	127,126,758

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12 Invesco Small Cap Equity Fund

Statement of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	2023			2022

Operations:

Net investment income (loss)	$	(337,735	)	$	(482,026	)


Net realized gain		48,909,650			9,305,393


Change in net unrealized appreciation (depreciation)		78,554,843			(244,398,404	)

Net increase (decrease) in net assets resulting from operations		127,126,758			(235,575,037	)


Distributions to shareholders from distributable earnings:

Class A		(2,196,652	)		(14,530,646	)


Class C		(76,628	)		(547,028	)


Class R		(242,992	)		(1,502,723	)


Class Y		(236,512	)		(1,612,784	)


Class R5		(78,294	)		(509,553	)


Class R6		(601,500	)		(4,971,097	)

Total distributions from distributable earnings		(3,432,578	)		(23,673,831	)


Share transactions–net:

Class A		(33,458,942	)		(2,551,680	)


Class C		(1,672,359	)		(1,464,914	)


Class R		(191,193	)		8,362,223


Class Y		(4,175,039	)		(10,519,236	)


Class R5		(69,102	)		(167,742	)


Class R6		(53,430,033	)		(43,575,940	)

Net increase (decrease) in net assets resulting from share transactions		(92,996,668	)		(49,917,289	)

Net increase (decrease) in net assets		30,697,512			(309,166,157	)


Net assets:

Beginning of year		855,911,914			1,165,078,071

End of year	$	886,609,426		$	855,911,914

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13 Invesco Small Cap Equity Fund

Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return^(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover ^(c)
Class A
Year ended 12/31/23		$11.56		$ (0.02	)		$ 1.86			$ 1.84			$ –			$(0.05	)		$(0.05	)		$13.35		15.96	%		$548,978		1.26	%		1.26	%		(0.15	)%		43%
Year ended 12/31/22		14.99		(0.02	)		(3.07	)		(3.09	)		–			(0.34	)		(0.34	)		11.56		(20.60	)		506,506		1.26			1.26			(0.17	)		33
Year ended 12/31/21		14.97		(0.04	)		2.91			2.87			–			(2.85	)		(2.85	)		14.99		20.02			660,296		1.22			1.22			(0.22	)		22
Year ended 12/31/20		12.50		(0.02	)		3.39			3.37			–			(0.90	)		(0.90	)		14.97		27.29			562,995		1.31			1.31			(0.13	)		43
Year ended 12/31/19		11.04		(0.00	)		2.86			2.86			–			(1.40	)		(1.40	)		12.50		26.13			495,573		1.31			1.31			(0.00	)		35
Class C
Year ended 12/31/23		7.23		(0.07	)		1.17			1.10			–			(0.05	)		(0.05	)		8.28		15.28			11,982		2.01			2.01			(0.90	)		43
Year ended 12/31/22		9.61		(0.07	)		(1.97	)		(2.04	)		–			(0.34	)		(0.34	)		7.23		(21.20	)		12,069		2.01			2.01			(0.92	)		33
Year ended 12/31/21		10.57		(0.12	)		2.01			1.89			–			(2.85	)		(2.85	)		9.61		19.06			17,784		1.97			1.97			(0.97	)		22
Year ended 12/31/20		9.11		(0.08	)		2.44			2.36			–			(0.90	)		(0.90	)		10.57		26.36			16,129		2.06			2.06			(0.88	)		43
Year ended 12/31/19		8.42		(0.07	)		2.16			2.09			–			(1.40	)		(1.40	)		9.11		25.10			18,873		2.06			2.06			(0.75	)		35
Class R
Year ended 12/31/23		10.20		(0.04	)		1.64			1.60			–			(0.05	)		(0.05	)		11.75		15.73			53,783		1.51			1.51			(0.40	)		43
Year ended 12/31/22		13.31		(0.05	)		(2.72	)		(2.77	)		–			(0.34	)		(0.34	)		10.20		(20.79	)		46,851		1.51			1.51			(0.42	)		33
Year ended 12/31/21		13.61		(0.07	)		2.62			2.55			–			(2.85	)		(2.85	)		13.31		19.66			51,571		1.47			1.47			(0.47	)		22
Year ended 12/31/20		11.45		(0.04	)		3.10			3.06			–			(0.90	)		(0.90	)		13.61		27.09			48,792		1.56			1.56			(0.38	)		43
Year ended 12/31/19		10.24		(0.03	)		2.64			2.61			–			(1.40	)		(1.40	)		11.45		25.71			47,521		1.56			1.56			(0.25	)		35
Class Y
Year ended 12/31/23		12.41		0.01			2.00			2.01			–			(0.05	)		(0.05	)		14.37		16.23			64,657		1.01			1.01			0.10			43
Year ended 12/31/22		16.02		0.01			(3.28	)		(3.27	)		–			(0.34	)		(0.34	)		12.41		(20.40	)		59,796		1.01			1.01			0.08			33
Year ended 12/31/21		15.80		0.01			3.07			3.08			(0.01	)		(2.85	)		(2.86	)		16.02		20.27			91,380		0.97			0.97			0.03			22
Year ended 12/31/20		13.12		0.02			3.57			3.59			(0.01	)		(0.90	)		(0.91	)		15.80		27.70			66,783		1.06			1.06			0.12			43
Year ended 12/31/19		11.51		0.03			2.98			3.01			–			(1.40	)		(1.40	)		13.12		26.36			62,023		1.06			1.06			0.25			35
Class R5
Year ended 12/31/23		13.84		0.03			2.25			2.28			–			(0.05	)		(0.05	)		16.07		16.51			24,448		0.89			0.89			0.22			43
Year ended 12/31/22		17.80		0.03			(3.65	)		(3.62	)		–			(0.34	)		(0.34	)		13.84		(20.32	)		21,181		0.87			0.87			0.22			33
Year ended 12/31/21		17.28		0.03			3.36			3.39			(0.02	)		(2.85	)		(2.87	)		17.80		20.39			27,506		0.85			0.85			0.15			22
Year ended 12/31/20		14.28		0.04			3.91			3.95			(0.05	)		(0.90	)		(0.95	)		17.28		27.95			21,396		0.88			0.88			0.30			43
Year ended 12/31/19		12.40		0.07			3.21			3.28			–			(1.40	)		(1.40	)		14.28		26.65			20,674		0.85			0.85			0.46			35
Class R6
Year ended 12/31/23		14.03		0.04			2.27			2.31			–			(0.05	)		(0.05	)		16.29		16.50			182,761		0.82			0.82			0.29			43
Year ended 12/31/22		18.01		0.04			(3.68	)		(3.64	)		–			(0.34	)		(0.34	)		14.03		(20.20	)		209,508		0.80			0.80			0.29			33
Year ended 12/31/21		17.45		0.04			3.40			3.44			(0.03	)		(2.85	)		(2.88	)		18.01		20.46			316,542		0.79			0.79			0.21			22
Year ended 12/31/20		14.41		0.05			3.94			3.99			(0.05	)		(0.90	)		(0.95	)		17.45		28.03			274,576		0.81			0.81			0.37			43
Year ended 12/31/19		12.50		0.07			3.24			3.31			–			(1.40	)		(1.40	)		14.41		26.67			293,300		0.81			0.81			0.50			35

^(a)	Calculated using average shares outstanding.

^(b)

^(c)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14 Invesco Small Cap Equity Fund

Notes to Financial Statements

December 31, 2023

NOTE 1–Significant Accounting Policies

Invesco Small Cap Equity Fund (the “Fund”) is a series portfolio of AIM Funds Group (Invesco Funds Group) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund’s primary investment objective is long-term growth of capital.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

15 Invesco Small Cap Equity Fund

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

D.	Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

F.	Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer

16 Invesco Small Cap Equity Fund

agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2023, the Fund paid the Adviser $14,094 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.

17 Invesco Small Cap Equity Fund

K.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates


Average Daily Net Assets	Rate
First $250 million	0.745	%
Next $250 million	0.730	%
Next $500 million	0.715	%
Next $1.5 billion	0.700	%
Next $2.5 billion	0.685	%
Next $2.5 billion	0.670	%
Next $2.5 billion	0.655	%
Over $10 billion	0.640	%

For the year ended December 31, 2023, the effective advisory fee rate incurred by the Fund was 0.73%.

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

For the year ended December 31, 2023, the Adviser waived advisory fees of $20,148.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the year ended December 31, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

18 Invesco Small Cap Equity Fund

0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2023, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2023, IDI advised the Fund that IDI retained $70,515 in front-end sales commissions from the sale of Class A shares and $2,309 and $509 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2023, the Fund incurred $61,210 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

NOTE 3–Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	876,530,322	$	–		$–	$ 876,530,322
Money Market Funds		10,980,583		168,532,278		–	179,512,861
Total Investments	$	887,510,905	$	168,532,278		$–	$1,056,043,183

NOTE 4–Security Transactions with Affiliated Funds

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the year ended December 31, 2023, the Fund engaged in securities sales of $2,641,594, which resulted in net realized gains (losses) of $(360,883).

NOTE 5–Expense Offset Arrangement(s)

NOTE 6–Trustees’ and Officers’ Fees and Benefits

Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

19 Invesco Small Cap Equity Fund

NOTE 7–Cash Balances

NOTE 8–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2023 and 2022:



	2023		2022


Ordinary income*	$	–	$	3,782,111
Long-term capital gain		3,432,578		19,891,720
Total distributions	$	3,432,578	$	23,673,831

*	Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Period-End:


	2023


Undistributed long-term capital gain	$	44,228,446


Net unrealized appreciation – investments		171,989,264


Net unrealized appreciation – foreign currencies		4


Temporary book/tax differences		(91,001	)


Shares of beneficial interest		670,482,713


Total net assets	$	886,609,426

The Fund does not have a capital loss carryforward as of December 31, 2023.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2023 was $360,847,062 and $437,580,015, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investments on a Tax Basis


Aggregate unrealized appreciation of investments	$	212,848,157


Aggregate unrealized (depreciation) of investments		(40,858,893	)


Net unrealized appreciation of investments	$	171,989,264

Cost of investments for tax purposes is $ 884,053,919.

NOTE 10–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of equalization and net operating losses, on December 31, 2023, undistributed net investment income (loss) was increased by $290,144, undistributed net realized gain was decreased by $1,090,663 and shares of beneficial interest was increased by $800,519. This reclassification had no effect on the net assets of the Fund.

20 Invesco Small Cap Equity Fund

NOTE 11–Share Information


	Summary of Share Activity


	Year ended						Year ended
	December 31, 2023^(a)						December 31, 2022
	Shares			Amount			Shares			Amount



Sold:
Class A		3,743,902		$	46,459,127			5,136,443		$	64,986,774


Class C		234,297			1,818,450			270,323			2,149,348


Class R		968,586			10,551,250			1,529,353			17,514,223


Class Y		1,195,826			15,917,506			1,776,454			24,391,302


Class R5		242,675			3,673,339			245,308			3,690,075


Class R6		3,248,205			48,733,751			3,216,448			48,312,105



Issued as reinvestment of dividends:
Class A		160,533			2,106,285			1,210,906			13,937,483


Class C		9,174			74,528			73,440			528,767


Class R		21,054			242,959			147,885			1,502,512


Class Y		14,775			208,616			112,947			1,394,901


Class R5		4,962			78,294			36,974			509,497


Class R6		36,464			583,428			347,555			4,851,865



Automatic conversion of Class C shares to Class A shares:
Class A		115,665			1,424,828			117,533			1,451,109


Class C		(185,451	)		(1,424,828	)		(184,020	)		(1,451,109	)



Reacquired:
Class A		(6,732,019	)		(83,449,182	)		(6,699,487	)		(82,927,046	)


Class C		(278,647	)		(2,140,509	)		(341,092	)		(2,691,920	)


Class R		(1,005,132	)		(10,985,402	)		(958,686	)		(10,654,512	)


Class Y		(1,531,900	)		(20,301,161	)		(2,774,961	)		(36,305,439	)


Class R5		(255,750	)		(3,820,735	)		(297,895	)		(4,367,314	)


Class R6		(7,001,603	)		(102,747,212	)		(6,201,361	)		(96,739,910	)


Net increase (decrease) in share activity		(6,994,384	)	$	(92,996,668	)		(3,235,933	)	$	(49,917,289	)

^(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

21 Invesco Small Cap Equity Fund

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of AIM Funds Group (Invesco Funds Group) and Shareholders of Invesco Small Cap Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Small Cap Equity Fund (one of the funds constituting AIM Funds Group (Invesco Funds Group), referred to hereafter as the “Fund”) as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 21, 2024

22 Invesco Small Cap Equity Fund

Calculating your ongoing Fund expenses

Example

Actual expenses

Hypothetical example for comparison purposes


		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (07/01/23)	Ending Account Value (12/31/23)¹	Expenses Paid During Period²	Ending Account Value (12/31/23)	Expenses Paid During Period²	Annualized Expense Ratio
Class A	$1,000.00	$1,057.10	$6.58	$1,018.80	$6.46	1.27%
Class C	1,000.00	1,053.70	10.46	1,015.02	10.26	2.02
Class R	1,000.00	1,055.90	7.88	1,017.54	7.73	1.52
Class Y	1,000.00	1,058.30	5.29	1,020.06	5.19	1.02
Class R5	1,000.00	1,058.80	4.83	1,020.52	4.74	0.93
Class R6	1,000.00	1,060.00	4.26	1,021.07	4.18	0.82

²	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

23 Invesco Small Cap Equity Fund

Tax Information

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state’s requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2023:



Federal and State Income Tax
Long-Term Capital Gain Distributions	$	4,499,578
Qualified Dividend Income*		0.00	%
Corporate Dividends Received Deduction*		0.00	%
U.S. Treasury Obligations*		0.00	%
Qualified Business Income*		0.00	%
Business Interest Income*		0.00	%

The above percentages are based on ordinary income dividends paid to shareholders during the Fund’s fiscal year.

24 Invesco Small Cap Equity Fund

Trustees and Officers


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Interested Trustees
Jeffrey H. Kupor¹– 1968 Trustee	2024	Senior Managing Director and General Counsel, Invesco Ltd.; Trustee, Invesco Foundation, Inc.; Director, Invesco Advisers, Inc.; Executive Vice President, Invesco Asset Management (Bermuda), Ltd. and Invesco Investments (Bermuda) Ltd. Formerly: Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global Institutional, Inc.; Secretary and Vice President, OFI SteelPath, Inc.; Secretary and Vice President, Oppenheimer Acquisition Corp.; Secretary and Vice President, Shareholder Services, Inc.; Secretary and Vice President, Trinity Investment Management Corporation, Senior Vice President, Invesco Distributors, Inc.; Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; Secretary, Sovereign G./P. Holdings Inc.; Secretary, Invesco Indexing LLC; and Secretary, W.L. Ross & Co., LLC	165	None
Douglas Sharp¹– 1974 Trustee	2024	Senior Managing Director and Head of Americas & EMEA, Invesco Ltd; Director, Chairman and Chief Executive, Invesco Fund Managers Limited Formerly: Director and Chairman, Invesco UK Limited	165	None

¹	Mr. Kupor and Mr. Sharp are considered interested persons (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because they are officers of the Adviser to the Trust, and officers of Invesco Ltd., ultimate parent of the Adviser.

T-1 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees
Beth Ann Brown – 1968 Trustee (2019) and Chair (August 2022)	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	165	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non-profit) Formerly: President and Director Director of Grahamtastic Connection (non-profit)
Carol Deckbar – 1962 Trustee	2024	Formerly: Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement Equities Fund at TIAA; Executive Vice President and Head of Institutional Investments and Endowment Services, TIAA	165	Formerly: Board Member, TIAA Asset Management, Inc.; and Board Member, TH Real Estate Group Holdings Company
Cynthia Hostetler – 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Director, Aberdeen Investment Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group, Inc. (specialized energy and infrastructure products distributor); Director, Genesee & Wyoming, Inc. (railroads); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; and Attorney, Simpson Thacher & Bartlett LLP	165	Resideo Technologies, Inc. (smart home technology); Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Textainer Group Holdings, (shipping container leasing company); Investment Company Institute (professional organization); and Independent Directors Council (professional organization)
Eli Jones – 1961 Trustee	2016	Professor and Dean Emeritus, Mays Business School - Texas A&M University Formerly: Dean of Mays Business School-Texas A&M University; Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; and Director, Arvest Bank	165	Insperity, Inc. (formerly known as Administaff) (human resources provider); Board Member of the regional board, First Financial Bank Texas; and Boad Member, First Financial Bankshares, Inc. Texas
Elizabeth Krentzman – 1959 Trustee	2019	Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; and Trustee of certain Oppenheimer Funds	165	Formerly: Member of the Cartica Funds Board of Directors (private investment fund); Trustee of the University of Florida National Board Foundation; and Member of the University of Florida Law Center Association, Inc. Board of Trustees, Audit Committee and Membership Committee
Anthony J. LaCava, Jr. – 1956 Trustee	2019	Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP	165	Blue Hills Bank; Member and Chairman, Bentley University, Business School Advisory Council; and Nominating Committee, KPMG LLP

James “Jim” Liddy – 1959 Trustee	2024	Formerly: Chairman, Global Financial Services, Americas, KPMG LLP	165	Director and Treasurer, Gulfside Place Condominium Association, Inc. and Non-Executive Director, Kellenberg Memorial High School

T-2 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Independent Trustees–(continued)
Prema Mathai-Davis – 1950 Trustee	1998	Retired Formerly: Co-Founder & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor); Trustee of YWCA Retirement Fund; CEO of YWCA of the USA; Board member of the NY Metropolitan Transportation Authority; Commissioner of the NYC Department of Aging; and Board member of Johns Hopkins Bioethics Institute	165	Member of Board of Positive Planet US (non-profit) and HealthCare Chaplaincy Network (non-profit)
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance, Federal Home Loan Bank System; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Council on Foreign Relations and its Finance and Budget Committee; Chairman Emeritus of Board of Human Rights Watch and Member of its Investment Committee; and Member of Investment Committee Board of Historic Hudson Valley (non-profit cultural organization); Member of the Board, Blue Ocean Acquisition Corp.; and Member of the Vestry and the Investment Committee of Trinity Church Wall Street. Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	165	Member of Board of Trust for Mutual Understanding (non-profit promoting the arts and environment); Member of Board of Greenwall Foundation (bioethics research foundation) and its Investment Committee; Member of Board of Friends of the LRC (non-profit legal advocacy); and Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Teresa M. Ressel – 1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management & Budget and Designated Chief Financial Officer, U.S. Department of Treasury	165	None
Robert C. Troccoli – 1949 Trustee	2016	Retired Formerly: Adjunct Professor, University of Denver – Daniels College of Business; and Managing Partner, KPMG LLP	165	None
Daniel S. Vandivort – 1954 Trustee	2019	President, Flyway Advisory Services LLC (consulting and property management) Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.	165	Formerly: Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease Foundation of America

T-3 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers
Glenn Brightman – 1972 President and Principal Executive Officer	2023	Chief Operating Officer, Americas, Invesco Ltd.; President and Principal Executive Officer, The Invesco Funds. Formerly: Global Head of Finance, Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen	N/A	N/A
Melanie Ringold – 1975 Senior Vice President, Chief Legal Officer and Secretary	2023	Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary, Invesco Investment Advisers LLC, Invesco Capital Markets, Inc.; Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Senior Vice President, OppenheimerFunds, Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI SteelPath, Inc.; Secretary and Senior Vice President, Oppenheimer Acquisition Corp.; Secretary, SteelPath Funds Remediation LLC; and Secretary and Senior Vice President, Trinity Investment Management Corporation Formerly: Assistant Secretary, Invesco Distributors, Inc., Invesco Advisers, Inc., Invesco Investment Services, Inc., Invesco Capital Markets, Inc., Invesco Capital Management LLC and Invesco Investment Advisers LLC; and Assistant Secretary and Investment Vice President, Invesco Funds	N/A	N/A
Andrew R. Schlossberg – 1974 Senior Vice President	2019	Chief Executive Officer, President and Executive Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; and Trustee, Invesco Foundation, Inc. Formerly: Senior Vice President, Invesco Group Services, Inc.;. Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.; Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; and Managing Director and Principal Executive Officer, Invesco Capital Management LLC	N/A	N/A

T-4 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
John M. Zerr – 1962 Senior Vice President	2006	Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Specialized Products, LLC; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); President, Invesco, Inc.; President, Invesco Global Direct Real Estate Feeder GP Ltd.; President, Invesco IP Holdings (Canada) Ltd; President, Invesco Global Direct Real Estate GP Ltd.; President, Invesco Financial Services Ltd. / Services Financiers Invesco Ltée; and Director and Chairman, Invesco Trust Company Formerly: Manager, Invesco Indexing LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); President, Trimark Investments Ltd/Services Financiers Invesco Ltee; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; and Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser)	N/A	N/A
Tony Wong – 1973 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Director, Chairman, Chief Executive Officer and President, Invesco Advisers, Inc.; Director and Chairman, Invesco Private Capital, Inc., INVESCO Private Capital Investments, Inc. and INVESCO Realty, Inc.; Director, Invesco Senior Secured Management, Inc.; President, Invesco Managed Accounts, LLC and SNW Asset Management Corporation; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds; and Vice President, Invesco Advisers, Inc.	N/A	N/A
Stephanie C. Butcher – 1971 Senior Vice President	2023	Senior Managing Director, Invesco Ltd.; Senior Vice President, The Invesco Funds; Director and Chief Executive Officer, Invesco Asset Management Limited	N/A	N/A
Adrien Deberghes – 1967 Principal Financial Officer, Treasurer and Senior Vice President	2020	Head of the Fund Office of the CFO and Fund Administration; Vice President, Invesco Advisers, Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments	N/A	N/A
Crissie M. Wisdom – 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering and OFAC Compliance Officer for Invesco U.S. entities including: Invesco Advisers, Inc. and its affiliates, Invesco Capital Markets, Inc., Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, Invesco Capital Management, LLC, Invesco Trust Company; and Fraud Prevention Manager for Invesco Investment Services, Inc.	N/A	N/A

T-5 Invesco Small Cap Equity Fund

Trustees and Officers–(continued)


Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee During Past 5 Years
Officers–(continued)
Todd F. Kuehl – 1969 Chief Compliance Officer and Senior Vice President	2020	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser)	N/A	N/A
James Bordewick, Jr. – 1959 Senior Vice President and Senior Officer	2022	Senior Vice President and Senior Officer, The Invesco Funds Formerly: Chief Legal Officer, KingsCrowd, Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes & Gray; and Associate, Gaston Snow & Ely Bartlett	N/A	N/A


Office of the Fund	Investment Adviser	Distributor	Auditors
11 Greenway Plaza	Invesco Advisers, Inc.	Invesco Distributors, Inc.	PricewaterhouseCoopers LLP
Houston, TX 77046-1173	1331 Spring Street, NW, Suite 2500	11 Greenway Plaza	1000 Louisiana Street, Suite 5800
	Atlanta, GA 30309	Houston, TX 77046-1173	Houston, TX 77002-5021

Counsel to the Fund	Counsel to the Independent Trustees	Transfer Agent	Custodian
Stradley Ronon Stevens & Young, LLP	Sidley Austin	Invesco Investment Services, Inc.	State Street Bank and Trust Company
2005 Market Street, Suite 2600	787 Seventh Avenue	11 Greenway Plaza	225 Franklin Street
Philadelphia, PA 19103-7018	New York, NY 10019	Houston, TX 77046-1173	Boston, MA 02110-2801

T-6 Invesco Small Cap Equity Fund

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SEC file number(s): 811-01540 and 002-27334		Invesco Distributors, Inc.		SCE-AR-1

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli. Cynthia Hostetler, Anthony J. LaCava, Jr., and Robert C. Troccoli are “independent” within the meaning of that term as used in Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) to (d)

Fees Billed by PwC Related to the Registrant

PricewaterhouseCoopers LLP (“PwC”), the Registrant’s independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.


	Fees Billed for Services Rendered to the Registrant for fiscal year end 2023		Fees Billed for Services Rendered to the Registrant for fiscal year end 2022

Audit Fees		$ 132,284		$ 126,684
Audit-Related Fees		$ 0		$ 0
Tax Fees⁽¹⁾		$ 146,192		$ 58,160
All Other Fees		$ 0		$ 0
Total Fees		$ 278,476		$ 184,844

(1)

Tax Fees for the fiscal years ended 2023 and 2022 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

Fees Billed by PwC Related to Invesco and Affiliates

PwC billed Invesco Advisers, Inc. (“Invesco”), the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant (“Affiliates”) aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.


	Fees Billed for Non- Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2023 That Were Required to be Pre-Approved by the Registrant’s Audit Committee		Fees Billed for Non-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2022 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees⁽¹⁾		$ 1,094,000		$ 874,000
Tax Fees		$ 0		$ 0
All Other Fees		$ 0		$ 0
Total Fees		$ 1,094,000		$ 874,000

(1) Audit-Related Fees for the fiscal years ended 2023 and 2022 include fees billed related to reviewing controls at a service organization.

(e)(1)

PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

POLICIES AND PROCEDURES

As adopted by the Audit Committees

of the Invesco Funds (the “Funds”)

Last Amended March 29, 2017

Statement of Principles

The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to the pre-approval of audit and non-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate’s Covered Engagement

pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).¹ They address both general pre-approvals without consideration of specific case-by-case services (“general pre-approvals”) and pre-approvals on a case-by-case basis (“specific pre-approvals”). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II.

Pre-Approval of Fund Audit Services

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III.

General and Specific Pre-Approval of Non-Audit Fund Services

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of General Pre-Approved Non-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV.

Non-Audit Service Types

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

Audit-Related Services

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

Tax Services

“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

Other Services

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules. Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.

Pre-Approval of Service Affiliate’s Covered Engagements

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate’s engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within

the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Fund.

VI.

Pre-Approved Fee Levels or Established Amounts

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII.

Delegation

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII.

Compliance with Procedures

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX.

Amendments to Procedures

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

Appendix I

Non-Audit Services That May Impair the Auditor’s Independence

The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

●

Management functions;

●

Human resources;

●

Broker-dealer, investment adviser, or investment banking services ;

●

Legal services;

●

Expert services unrelated to the audit;

●

Any service or product provided for a contingent fee or a commission;

●

Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

●

Tax services for persons in financial reporting oversight roles at the Fund; and

●

Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:

●

Bookkeeping or other services related to the accounting records or financial statements of the audit client;

●

Financial information systems design and implementation;

●

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

●

Actuarial services; and

●

Internal audit outsourcing services.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,510,000 for the fiscal year ended December 31, 2023 and $7,376,000 for the fiscal year ended December 31, 2022. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,750,192 for the fiscal year ended December 31, 2023 and $8,308,160 for the fiscal year ended December 31, 2022.

PwC provided audit services to the Investment Company complex of approximately $33 million.

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.

(i) Not Applicable.

(j) Not Applicable

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

As of February 12, 2024, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 12, 2024, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


13(a) (1)		Code of Ethics.

13(a) (2)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3)		Not applicable.

13(a) (4)		Not applicable.

13(b)		Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Funds Group (Invesco Funds Group)


By:		/s/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		February 29, 2024

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Glenn Brightman
		Glenn Brightman
		Principal Executive Officer

Date:		February 29, 2024


By:		/s/ Adrien Deberghes
		Adrien Deberghes
		Principal Financial Officer

Date:		February 29, 2024